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Durov, holding French citizenship, was arrested on charges allegedly related to Telegram’s refusal to cooperate with French law enforcement, French media reported.

The accusations against Durov include terrorism, drug trafficking, fraud, and money laundering, reports said, adding that Durov could face up to 20 years in prison if convicted.

The Russian Embassy in France took prompt steps to clarify the situation before the New People party’s representative Vladislav Davankov urged the Russian government to seek Durov’s release, TASS reported.

The Russian Embassy in Paris immediately began working on the case as it is the duty of Russian diplomats to respond to cases involving the detention of Russian citizens abroad, Zakharova said.

Durov was reportedly detained as he exited his private jet after landing at Le Bourget Airport on Saturday night.

Durov founded Telegram in 2013. The messaging app is influential in Russia and has become a critical source of information during the Russia-Ukraine conflict.

Durov, holding French citizenship, was arrested on charges allegedly related to Telegram’s refusal to cooperate with French law enforcement, French media reported.

Xinhua

During a farewell ceremony held at the Chinese Embassy in Rwanda on Friday 23rd August 2024, China’s Ambassador to Rwanda, Wang Xuekun, congratulated the scholarship recipients, encouraged them to seize the opportunity and make the most of their time in China.

'By acquiring cutting-edge knowledge and applying it in practice, you will benefit greatly in your future careers. Most importantly, you will be able to use what you learn in China to better serve Rwanda, a country with a bright future,' he emphasized.

Amb. Wang highlighted the similarities between China and Rwanda, particularly in their shared commitment to education as a key driver of development.

He urged the students to take this chance to experience China firsthand and not rely solely on hearsay or disinformation from Western media.

'Travel more in China and gain a true understanding of the country, a civilization with 5,000 years of history. By doing so, you will be well-equipped to serve as goodwill ambassadors between China and Rwanda,' he added.

The cooperation in education has long been a significant aspect of China-Rwanda relations. Since the 1980s, over 1,500 Rwandan students have completed their studies in China with scholarships provided by the Chinese government.

'These alumni have become key contributors in various sectors of Rwanda, further deepening our educational cooperation,' noted Amb. Wang.

Reflecting on the “China-Africa Talent Training Cooperation Plan” introduced by Chinese President Xi Jinping last August, Amb. Wang expressed optimism about expanding educational collaboration between the two nations.

In July, the Third Plenary Session of the 20th Central Committee of the Communist Party of China was held in Beijing. One of the key outcomes was the Resolution on Further Deepening Reform Comprehensively to Advance Chinese Modernization.

Amb. Wang mentioned that Rwandan students will witness, or even participate in, the transformative changes brought about by this important meeting during their stay in China, which could offer valuable insights for Rwanda on its own modernization journey.

Eng. Pascal Gatabazi, Chief Technical Advisor in the Ministry of Education who also graced the event, emphasized that these scholarships reflect the strong and growing partnership between Rwanda and the People’s Republic of China in education.

'This cooperation has transcended various sectors, with education standing as a shining example of our shared commitment to mutual development and progress. The Chinese government scholarship is a testament to this enduring partnership, opening doors for our young men and women to pursue academic excellence in one of the world’s most culturally rich civilizations,' he affirmed.

'You have been chosen not just as students but also as ambassadors of Rwanda. As you embark on this journey, you carry with you the hopes and aspirations of your families, communities, and nation,' Gatabazi added.

Christine Mutesi, Division Manager of Accreditation, Standards and Qualifications Framework at Higher Education Council (HEC), encouraged the students to develop confidence, aim higher, and return with the knowledge needed to contribute to national development.

Brig Gen Patrick Karuretwa, Head of International Military Cooperation at the Rwanda Defence Force (RDF), extended his appreciation for the friendship between the militaries of both countries, highlighting China’s significant contribution to the RDF’s mission and achievements.

He noted that over 20 RDF personnel are preparing to attend various courses in China’s People’s Liberation Army (PLA) training institutions, reflecting the dynamic and growing partnership.

The number will add to the more than 300 RDF personnel, including generals, who have graduated from Chinese academic and training institutions since 2007.

The PLA has consistently demonstrated a commitment to the ideals of justice, individual rights, and creating a better future for people worldwide.

'Because these values align with those we cherish in the RDF, we are pleased to partner with the PLA in building the capacity of our personnel and leaders. We are convinced that the knowledge our personnel gain will benefit and prepare them to contribute even more to the professional journey of our armed forces,' Brig Gen Karuretwa noted.

Emmanuel Kamanzi, head of the China-Rwanda Alumni Association who studied in China from 2009 to 2012, shared his experiences and urged the students to learn from the Chinese people’s hard working spirit and discipline, which has been central to the development of their country.

On behalf of scholarship recipients, Janvier Bikorimana, who will pursue a master’s degree in public administration, extended heartfelt thanks to the Chinese and Rwandan governments for making their academic pursuits possible.

The longstanding relationship between Rwanda and China spans 75 years, marked by substantial cooperation. China remains one of Rwanda’s primary sources of imports.

Chinese Embassy staff welcoming guests at the farewell reception venue.

Chinese Defence Attaché to Rwanda, Senior Capt Li Dayi welcomed RDF personnel.

The farewell ceremony was held at the Chinese Embassy in Rwanda on Friday 23rd August 2024.

More than 300 RDF personnel, including generals have graduated fromm Chinese academic and training institutions since 2007.

China’s Ambassador to Rwanda, Wang Xuekun, congratulated the scholarship recipients, encouraged them to seize the opportunity and make the most of their time in China.

Amb. Wang urged the students to take this chance to experience China firsthand and not rely solely on hearsay or disinformation from Western media.

Chinese Defence Attaché to Rwanda, Senior Capt Li Dayi at the farewell reception ceremony.

It was glamor as Chinese Embassy in Rwanda bid farewell to 71 Rwandan students who have been awarded scholarships by the Chinese government.

Amb. Wang highlighted the similarities between China and Rwanda, particularly in their shared commitment to education as a key driver of development.

Eng. Pascal Gatabazi, Chief Technical Advisor in the Ministry of Education who also graced the event.

Christine Mutesi, Division Manager of Accreditation, Standards and Qualifications Framework at Higher Education Council (HEC), encouraged the students to aim higher, and return with the knowledge needed to contribute to national development.

Brig Gen Patrick Karuretwa, Head of International Military Cooperation at the Rwanda Defence Force (RDF), extended his appreciation for the friendship between the militaries of both countries.

Emmanuel Kamanzi, head of the China-Rwanda Alumni Association urged the students to learn from the Chinese people’s hard working spirit and discipline, which has been central to the development of the Asian country.

Janvier Bikorimana extended deep appreciation to the Chinese and Rwandan governments for making their academic pursuits possible.

Some participants of the event received door prizes.

Holders of numbers drawn at random received prizes at the farewell reception.

Théophile Niyitegeka

Rwanda’s economy is projected to grow by 7.2% in 2024, reinforcing its reputation as one of Africa’s fastest-growing economies. The country has also achieved impressive rankings in safety, placing it as a role model for other nations.

As Rwanda continues to uphold its identity and seek homegrown solutions for a better future, the well-being of its citizens remains a top priority. The government addresses societal concerns that could impede family development and the nation at large, with the issue of street children being a major focus.

The issue of street children is not unique to Rwanda; globally, there are approximately 150 million street children. Although specific figures for Rwanda are not readily available, as of January 2024, the police reported at least 3,900 young people and children in rehabilitation centers due to illicit drug use and other illegal activities.

Rwanda’s commitment to protecting its children is evident through the efforts of institutions like the Ministry of Gender and Family Promotion (MIGEPROF) and the National Child Development Agency (NCDA). The Rwanda National Rehabilitation Service (NRS) plays a crucial role in monitoring transit centers to ensure compliance with regulations, with the ultimate goal of reuniting street children with their families or sending them to rehabilitation centers where they can acquire life skills.

The country has established 28 transit centers across the nation, including Kigali Transit Center at Gikondo, which provides temporary accommodation for children rescued from street life. At these centers, children are screened to determine their identity and immediate needs, such as medical treatment, hygiene essentials, clean clothing, and bedding. They are then either reunited with their families or guardians or transferred to a rehabilitation center.

Between 2017 and 2019, the Kigali Transit Center screened and reunified 1,261 children with their families, while 2,564 were transferred to the government-operated Gitagata Rehabilitation Center and 18 other private rehabilitation facilities managed by civil society and faith-based organizations. According to the National Rehabilitation Services (NRS), between July 2017 and December 2019, 5,065 children were either reintegrated back into their families or provided with education and skills at the Gitagata center and 18 private rehabilitation centers.

Additionally, a total of 129 children were rehabilitated from the Gitagata Rehabilitation Center (GRC) and reintegrated into their families during the 2021/2022 period. Between 2022 and 2023, 881 children were rehabilitated from both the GRC and Nyamagabe Rehabilitation Center (NRC), with 882 children undergoing rehabilitation in the 2023/2024 period. Over the past three years, 1,892 children have been rehabilitated, contributing to a total of 12,000 children reintegrated into families since 2016.

Today, hundreds of former street youth have acquired valuable life skills in areas such as tailoring, catering, carpentry, welding, plumbing, masonry, and driving, allowing them to become resourceful, self-sustaining, and law-abiding citizens.

In an interview with IGIHE, Assumpta Ingabire, the Director-General of the NCDA, highlighted that the number of street children fluctuates based on the interventions in place. She emphasized that all children should grow up in safe families where they can enjoy their rights, including education, welfare, health, participation, and protection. Rwanda’s vision is clear: 'No children should live on the street.'

Family-related issues such as conflicts, neglect, and lack of parental responsibility are primary factors contributing to children living on the streets. To address these issues, the NCDA, in collaboration with various stakeholders, conducts periodic awareness and mass mobilization on child rights through media, community forums, and specific sessions with parents, particularly at Early Childhood Development (ECD) facilities and with those who have children on the streets.

At the village level, family friends are responsible for identifying children at risk of going to the streets due to child protection inefficacies within their families. They also identify families in conflict and provide support or refer cases where necessary. Ingabire explained that the NCDA provides psychosocial and economic support to some families at risk of separating from their children, empowering them to take care of their children.

The NCDA has also implemented a National Child Protection Case Management Framework that outlines how each child protection case should be addressed. This framework ensures that child protection actors collaborate comprehensively to handle each case until the affected child is rehabilitated and can live a normal life.

This photo shows former street kids’ football team posing for a photo before a training session at Gitagata Rehabilitation Centre in Bugesera District in 2017. Photo by The New Times

Théophile Niyitegeka

Isheja, a well-known radio host in Rwanda with over 15years experience as a journalist, will deputize Cleophas Barore who was appointed RBA’s Director General in December 2023.

Isheja began her radio career at Huye-based Radio Salus in 2008, joining KFM in 2013 before moving to KISS FM in 2014.

Meanwhile Niyonkuru was dropped in an announcement made in a communiqué released by the Office of the Prime Minister, following a cabinet meeting chaired by President Kagame on Friday, August 23, 2024.

The communiqué did not provide specific reasons for Niyonkuru’s removal, who was appointed as the Permanent Secretary in a Cabinet meeting on January 30, 2023, succeeding Didier Shema Maboko.

His removal from cabinet comes a week after a broader Cabinet reshuffle by President Kagame, which also saw Aurore Mimosa Munyangaju replaced by Richard Nyirishema as the Minister of Sports.

Among other appointees is Clarisse Munezero, who has been appointed Permanent Secretary at the Office of the Ombudsman, while Antoine Marie Kajangwe has been appointed Permanent Secretary in the Ministry of Trade and Industry.

Others include Beatrice Cyiza, who has been named Permanent Secretary in the Ministry of Environment, while Mukandutiye Speciose and Francis Karemera have been given roles as members of the Council of Elders.

Cyiza was previously a Director in Environment Ministry, with responsibilities that included addressing climate change, one of the pressing global issues today. She has led various projects and worked with the Rwanda Environment Management Authority (REMA).

Kajangwe, previously held the role of the Director General in charge of Trade and Investment at the same Ministry.

The Cabinet meeting also approved the representatives of countries and international organizations in Rwanda and endorsed the Second National Strategy for Transformation (NST2), which will be implemented from 2025 to 2029.

Sam K Nkurunziza

The addendum to the original Memorandum of Understanding, dated September 10, 2019, was signed on Thursday, August 22, 2024, and ensures that the ETM in Rwanda will continue until December 31, 2025.

Ambassador Charles Karamba, Permanent Representative of the Republic of Rwanda to the African Union, represented Rwanda at the signing ceremony.

In a joint statement, Rwanda, the AU, and the UN refugee agency emphasized that the extension reaffirms their commitment to providing protection and seeking durable solutions for those evacuated, offering them a safe haven in Rwanda.

“The Government of Rwanda reaffirms its unwavering commitment to receive and protect these individuals, as well as others identified as particularly vulnerable and at-risk,” the statement reads in part.

The parties disclosed that the second addendum emphasizes a more transparent selection process for evacuees, ensuring equal opportunities for all potential candidates regardless of nationality, ethnicity, race, gender, age, or any criteria other than their vulnerability.

The agreement also reinforces and strengthens information-sharing and reporting mechanisms between UNHCR, the Government of Rwanda, and the African Union in the implementation of solutions for evacuated individuals. It seeks to expand comprehensive efforts to find alternative durable solutions for evacuees who do not qualify for refugee status and are not willing to request a longer stay in Rwanda, including exploring options such as voluntary return, resettlement, family reunification, and access to other solutions in third countries.

Additionally, the second addendum reiterates the commitment of all parties to undertake bi-annual joint monitoring missions to inspect the entire process, thereby ensuring transparency and continuous improvement of the ETM operations.

As part of the agreement, the African Union Commission committed to continuing to provide high-level political support, capacity development, and resource mobilization, as well as enhancing joint coordination mechanisms.

Meanwhile, UNHCR will continue to provide protection and necessary assistance, including shelter, food, healthcare, and other essential services for evacuees during their stay in Rwanda.

Since the emergency evacuation mechanism was established more than four years ago, a total of 2,355 refugees and asylum seekers from Eritrea, Sudan, South Sudan, Somalia, Ethiopia, Nigeria, Chad, Cameroon, Guinea, Côte d’Ivoire, and Mali have been evacuated from Libya in 18 flights.

According to the parties, a total of 1,813 refugees have been resettled in third countries, finding a lasting solution to their displacement.

'UNHCR and the Rwandan authorities will continue to conduct individual registration of all evacuated individuals and issue Proof of Registration (POR) documents that allow them to travel within the country and access assistance provided at the center,' the statement added.

Both the AUC and UNHCR have called on other countries to follow Rwanda’s example in providing a safe haven for vulnerable refugees and asylum seekers.

Ambassador Charles Karamba (second from left), Permanent Representative of the Republic of Rwanda to the African Union, represented Rwanda at the signing ceremony.

Wycliffe Nyamasege

He had been serving as the Director for Institutional Matters and Programmes Coordination at the African Continental Free Trade Area (AfCFTA) Secretariat.

Sebahizi’s appointment was part of a broader cabinet reshuffle that also saw Richard Nyirishema appointed as Minister of Sports, replacing Aurore Mimosa Munyangaju, and Ambassador Christine Nkulikiyinka taking over as Minister of Public Service and Labor from Prof. Jeannette Bayisenge.

On Monday, August 19, 2024, Minister Sebahizi was sworn in alongside 21 other cabinet members, the majority of whom returned after reappointment following President Kagame’s re-election to serve a new five-year term.

In an exclusive interview with IGIHE, Sebahizi, shared his ambitious plans for steering the country toward a more balanced and prosperous economic future.

With over two decades of experience in fields related to trade and industry, his return to the ministry (this time as minister) is seen as a homecoming to where his career in public service began.

As Rwanda grapples with challenges such as trade imbalances, market fluctuations, and the need for greater industrial productivity, Sebahizi is focused on building on the achievements of his predecessor while addressing these issues head-on.

Reflecting on his journey, he likened his appointment to a natural progression and expressed his delight at returning home to serve Rwandans after spending ten years working outside the country.

Controlling inflation and market stability

Sebahizi has a clear vision for his tenure, with a strong focus on stabilizing market access, particularly for agricultural produce—a sector that forms the backbone of Rwanda’s economy.

As per 2023 statistics, agriculture accounted for nearly 27% of Rwanda’s GDP and employs over 60% of the workforce, making it a critical area for national development. However, the sector faces significant challenges.

Early July, the Consumer Price Index report from the National Institute of Statistics of Rwanda (NISR) indicated that inflation in Rwanda’s urban areas increased by 5% over the past year.

The report shows that inflation in urban centres was driven by an increase in the prices of food and beverages, as well as transportation costs.

Between June 2023 and June 2024, the prices of food and beverages increased by 3.1%, while transportation costs saw a significant increase of 23.2% over the past year.

“My top priority is to build on our achievements and ensure ongoing projects do not stall, while pushing for greater progress. Another key focus is addressing issues in the ministry, particularly in managing the supply chain for agricultural produce. Inconsistent availability and occasional oversupply can strain the market, leading to spoilage and price hikes, which adversely affect farmers. This needs urgent action,” he noted.

To address these issues, the Minister emphasized the need for collaboration with relevant institutions including the Ministry of Agriculture, Ministry of Local Government and ministry of Finance and Economic Planning particularly in fast-tracking the implementation of measures to ensure market stability.

“The government is constantly monitoring the situation and taking measures to prevent inflation,” he assured. One strategy mentioned by the Minister involves working with regional bodies like the East Africa Commodity Exchange to store surplus produce and release it to the market when needed, thereby stabilizing prices.

Tackling trade imbalance

One of the key priorities for the new Minister is addressing the trade imbalance that continues to affect Rwanda’s economy. While Rwanda’s economy has experienced an impressive growth rate of over 8% annually for the past decade, the country’s reliance on imports remains a challenge.

Rwanda’s trade deficit soared to US$ 411.62 million in June 2024, reflecting a 30.88% increase compared to June 2023 and a 13.71% rise from May 2024. This expanding deficit underscores the growing disparity between imports and exports, influenced by various factors including fluctuations in domestic exports and escalating imports.

“There’s a common misconception in Rwanda that trade is synonymous with importation,” Sebahizi explained.

“True trade is about putting our locally produced goods into both local and international markets.” The Minister highlighted the importance of initiatives like ‘Made in Rwanda,’ which aims to reduce dependency on imports and promote locally produced goods. By strengthening local industries and encouraging Rwandans to consume homegrown products, the Minister hopes to improve the balance of trade and bolster the economy.

Harnessing the potential of AfCFTA

Sebahizi is particularly optimistic about the opportunities presented by the African Continental Free Trade Area (AfCFTA). With a market of over 1.4 billion people, the AfCFTA offers a unique opportunity for Rwanda and the entire continent to enhance trade and investment.

However, the Minister emphasized the importance of developing local industries to fully capitalize on this opportunity.

“Africa holds immense potential in terms of resources and manpower,” he stated. “The challenge lies in investing in and promoting local industries. By establishing and nurturing local industries, we can ensure that the benefits remain within the continent, creating long-term value for our people.”

Enhancing industrial productivity

Rwanda’s industrial sector has seen significant growth, with the establishment of several industrial parks across the country. These parks are essential to the nation’s economic growth, providing infrastructure for manufacturing and other industries.

However, Minister Sebahizi acknowledges that there is still much work to be done.
“Infrastructure development is an ongoing process,” he noted. “We must prioritize these developments to ensure that we can continue to build a strong, diversified economy.”

In 2023, Rwanda’s GDP reached Rwf 16,355 billion, with the industrial sector contributing 22%.

Prudence Sebahizi with President Kagame after the swearing-in ceremony.

IGIHE

Africa remains one of the few untapped markets for Formula 1 in its recent years of global expansion. In fact, an F1 race has not been held on the continent since the 1993 South African Grand Prix at Kyalami.

Motorsport officials have scheduled talks with Rwandan officials for September to discuss the country’s bid to host an F1 event.

Amid Rwanda’s push to make history as the first East African country to host the event, Hamilton believes it is the right time for a race to return to Africa. He made these remarks ahead of the Dutch Grand Prix, scheduled for Sunday, August 25, 2024.

'We can’t be adding races in other locations and continue to ignore Africa, which the rest of the world just takes from,' Hamilton stated.

'No one gives anything to Africa. There’s a huge amount of work that needs to be done there. I think a lot of the world that haven’t been there don’t realise how beautiful the place is, how vast it is,' he added.

The 39-year-old Mercedes driver dismissed the excuse that there are no ready tracks, stating that F1 can utilize and build on what is available. He also noted that Africa stands to benefit immensely from tourism during and after the races.

'I think having a grand prix there, it would really be able to highlight just how great the place is and bring in tourism and all sorts of things. Why are we not on that continent? And the current excuse is that there’s not a track that’s ready, but there is at least one track that’s ready there.

'In the short term, we should just get on that track and have that part of the calendar and then work on building out something moving forward,' he explained.

He lauded Rwanda’s interest in hosting an F1 event saying, 'Rwanda is one of my favourite places I’ve been to actually'.

'I’ve been doing a lot of work in the background. I’ve spoken to people in Rwanda, I’ve spoken to people in South Africa. But that’s a longer project, Rwanda. It’s amazing that they’re so keen,' he added.

F1 CEO Stefano Domenicali confirmed the meeting with Rwandan officials earlier this. He described Rwanda as a ‘serious’ candidate for hosting a future Grand Prix and praised the Rwandan authorities for presenting a solid plan.

'They are serious,' said Domenicali. 'They have presented a good plan and actually we have a meeting with them at the end of September. It will be on a permanent track.'

Domenicali’s comments followed a visit by representatives from the Rwanda Development Board to the Monaco Grand Prix in May, where they met with officials from the International Automobile Federation (FIA).

Seven-time Formula 1 world champion Lewis Hamilton says there is no excuse for motorsport officials to continue ignoring Africa as Rwanda sets its sights on hosting the international racing competition.

Wycliffe Nyamasege

In a letter seen by IGIHE, addressed to district leaders on August 22, 2024, and signed by the Minister of Local Government, Jean Claude Musabyimana, the ministry ordered the suspension of more than 40 religious organizations listed in the annex of the letter.

The decision was based on a letter from the Rwanda Governance Board (RGB) and ongoing inspections of religious denominations, which revealed that some should be halted.

The letter states, “I am writing to request the suspension of the organizations and activities listed in the annex of this letter, as well as any other organizations operating illegally across the country.”

The annex includes well-known religious denominations in Rwanda, such as the Lutheran Church in Africa, which operated in various provinces, particularly in the Eastern Province.

Other organizations listed include Philadelphia Church, Umugeni wa Kristo, Abagorozi, Abakusi, Abanywagake, Abarokore, Abavandimwe Church, Agape Sanctuary, Assemblies of Lord, Bethel Miracle Church, Intumwa n’Abahanuzi, Isoko Ibohora, Ivugurura n’Ubugorozi, Redeemed Baptist Church, Salvation Church, and others.

This action follows the recent suspension of other churches in Rwanda, including Umuriro wa Pentekote and Ebenezer Rwanda, for allegedly spreading divisive messages among Rwandans.

Additionally, RGB, in collaboration with local authorities, had previously conducted inspections that led to the temporary closure of nearly 8,000 churches for failing to meet required standards.

Celestin Seburikoko, the head of the Lutheran Church in Africa’s Rwanda branch, confirmed the suspension to IGIHE. He acknowledged that they were aware of the requirement to be officially registered and that they had already initiated the process, although they had not yet received legal status.

“This does not surprise me because I know that every organization or activity in the country must be recognized, and we had complied with all requirements. We applied for the necessary documents, but there were some corrections requested, which I had prepared but had not yet submitted [to RGB].”

Seburikoko also mentioned that he intends to inquire whether they can continue the registration process or if they are permanently shut down, as they had been granted a temporary permit that has now expired.

The Lutheran Church in Africa started operating in Rwanda in 2015 and has 2,037 congregants across the country.

The decision to suspend the religious organizations was based on a letter from the Rwanda Governance Board (RGB) and ongoing inspections of religious denominations, which revealed that some should be halted.

IGIHE

As per statement issued by the bank on Friday 23rd August 2024, this initiative aligns with global trends towards responsible investment and sustainable development, reinforcing BRD’s commitment to environmental protection and economic growth.

'This second bond issuance will raise Rwf 30 billion, with an additional option to issue up to additional Rwf5 billion. It is part of BRD’s broader Rwf 150 billion Medium Term Note [MTN] program,' reads part of the statement.

The Rwanda Capital Market Authority has approved this issuance, highlighting the strong regulatory support for innovative financial instruments that promote sustainability.

Building on the success of BRD’s first SLB, the bank states, this second issuance will further strengthen its focus on environmental, social, and governance (ESG) initiatives. It is also expected to improve access to capital for key sectors such as women-led businesses and affordable housing.

By tying the bond’s performance metrics to specific sustainability targets, BRD is setting a new standard for responsible investment and positive societal impact. The first SLB, issued last year, was oversubscribed by 110.59%, raising Rwf 30 billion. This success has given BRD the confidence to continue using capital markets to fund its growth initiatives.

'By issuing our second sustainability-linked bond, we reaffirm our commitment to incentivizing borrowers to set meaningful sustainability targets while maintaining the innovative step-down coupon from the first tranche,' said Kampeta Sayinzoga, CEO of BRD. 'Investors are increasingly looking for opportunities that offer both financial returns and positive societal impact. With this SLB, BRD aims to attract responsible investors who share the principles of sustainable finance.'

Like the first issuance, this bond is part of the World Bank’s lending operation to the Government of Rwanda through the Access to Finance for Economic Recovery and Resilience Project (AFIRR). The bond structure includes a partial credit enhancement, and it comes with a 7-year tenor.

The offer will open on September 2nd, 2024, and close on September 20th, 2024, with a minimum subscription of Rwf 100,000. Investors are encouraged to take part in this unique opportunity that promises both financial returns and positive environmental and social outcomes.

Once the offer opens, the Prospectus and Pricing Supplement will be available for download on BRD’s website: https://www.brd.rw. Hard copies may be requested or obtained free of charge at BRD’s offices.

BRD is Rwanda’s foremost development finance institution, dedicated to supporting the country’s socio-economic development by providing long-term financing to key sectors of the economy.

Established in 1967, BRD has been instrumental in financing projects that drive Rwanda’s growth, particularly in infrastructure, agriculture, affordable housing, and export sectors. BRD is committed to sustainable development and continues to innovate in providing financial solutions that support Rwanda’s Vision 2050.

The first SLB, issued last year, was oversubscribed by 110.59%, raising Rwf 30 billion.

Théophile Niyitegeka