World Bank Rating for Doing Business improved again significantly
Rwanda has significantly improved in the World Bank’s “Doing Business Report” coming in the 41st position up from 56th in last year’s ranking. In a report released today, World Bank says Rwanda remains 2nd after Mauritius (25th) and first in East Africa in easing doing business. Kenya came 3rd(80), Botswana (81) and South Africa (82).
The report also ranked Rwanda among the best globally in Doing business areas of registering property with a rank of (2) and got credit (6). In registering property, the report says, Rwanda has an efficient land registry where it takes 7 days to transfer the property and only costs 0.1% of the property value – the same as in New Zealand. Meanwhile, Rwanda and Mauritius are the only two of the S…
World's First Commercial Drone Delivery System in Operation
The world’s first commercial drone delivery service operates from a hill almost smack dab in the middle of Rwanda. A barbed wire fence surrounds a field, a white tent, and a control tower. From here, Zipline, a San Francisco-based robotics company, delivers blood by drone to almost half of all Rwanda’s blood transfusion centers. Orders are made online, by text, phone, or WhatsApp. A technician sits in a refrigerated room where the blood—specifically red blood cells, platelets, plasma, and cryoprecipitate—are stored, communicating with his team over Slack. An order has come in for a hospital about two hours away by car. The drone delivers the package in 20 minutes.
“To have a proven model here first in Rwanda is amazing,” says Maggie J…
Higher Prices for Precious and Industrial Metals to increase Mining Revenue to USD 400m
The Government, in partnership with Rwanda Miners’ Association, plans to double mineral productivity in the next two years in an effort to generate $400 million by 2018 from the current $166 million, Francis Gatare, the chief executive of Rwanda Mines, Petroleum and Gas Board (RMPGB), has said.
Gatare said entities involved in mining activities in Rwanda should make use of the recovering mineral prices at the international market, and engage in product diversification and value addition to maximise gains.
Prices of cassiterite, coltan and wolfram at international market have recovered from a sharp fall they suffered in the last two years. Mining sector players say this is encouraging and good for the economy.
The decline in mine…
"Hotel Rwanda" - from Shocker to First Address
The Africa Hotel Investment Forum (AHIF) will take place alongside AviaDev Africa in Kigali, Rwanda, from October 10 to 12. According to Bench Events, the organiser, the event was established last year as a meetings, incentives, conferences and exhibitions (MICE) hub in the region. AHIF attracts more than 500 executives from 45 countries. AviaDev facilitated over 500 conversations between airlines, government officials and airports to discuss new aviation routes.
Last year, Accor, Best Western, Carlson Rezidor, CityBlue, Hilton and Marriott all made announcements about new hotel projects in Rwanda, 22 in total and Bench Events signed a new agreement with the UN World Tourism Organisation to cooperate closely and to jointly promote tou…
German Loan secures Share in Great Lake Hydropower
The Rwandan government is to receive € 15 million (US$ 16.8 million) through a bilateral agreement signed with Germany.
The loan agreement will reportedly be directed towards boosting energy supply not only in Rwanda but the entire Great Lakes region and increase Rwanda’s participation in the Ruzizi III project. German diplomat pledges commitment to affordable, reliable & sustainable energy for Rwandan citizens. According to local media, Claver Gatete, minister of finance and economic planning, said the funding will be fully allocated to the regional hydropower station, Ruzizi III project.
Ruzizi III project
The Ruzizi III plant is a regional project shared by Rwanda, Burundi, and the Democratic Republic of Congo (DRC) and is expe…
IMF: Economic Growth to slow down in 2016
The International Monetary Fund said this week that it expects Rwanda’s economy to slow this year and pick up in 2018, forecasting around 6% growth this year compared with 6.9% last year. It said Rwanda had agreed to pursue a more cautious monetary policy and put off some public spending to help slow the demand for imports. “The (IMF) mission expects that successful implementation of these policies will maintain economic growth at around 6 per cent, while keeping inflation below 5 per cent,” it said in a statement. “We are expecting growth of about 6% for the next two years. It could be higher. Then in 2018 we expect higher growth in line with Rwanda’s potential as some of these policies take effect,” Laure Redifer, who led an IMF missio…
Credit Rating improved to B+ (Standard & Poor)
Standard & Poor’s (S&P) has given Rwanda a B+/B credit rating on account of the country’s current political and economic stability and in the foreseeable future. The positive rating, by the American independent credit rating agency, is the latest by the firm.
“Our current B+ rating and stable outlook incorporate our belief that the 2017 transition will be managed smoothly and will not weaken the country’s institutional framework or result in civil unrest,” the agency said in a statement. Rwanda is scheduled to have presidential elections in 2017.
Rating agencies such as S&P are independent institutions with international credibility and expertise to measure the credit worthiness of a country by evaluating their ability to repay wit…
Stable Outlook for GDP Growth and further relief of Poverty
In the new Rwanda Economic Update (REU) launched today, the World Bank projects an economic growth rate of 7.4% in 2015 and 7.6% in 2016. With the projected growth rates, the World Bank projects Rwanda’s poverty rate to decline from 63% in 2011 to 54% in 2016, thus moving approximately one million people above the poverty rate.
Rwanda’s growth rate recovered from 4.7% in 2013, the lowest growth since 2003, to 7.0% in 2014, the report says. Private and government consumptions led the recovery, which is reflected in the accelerated growth of the services sector. However, fiscal policy has become less expansionary in recent quarters. On the other hand, developments of the monetary sector have been supportive to the economy. Bank lending…
Inflation Rate to be at 3.2% at the End of the Year
Rwanda’s inflation rate is expected to stand at 3.2% at the end of this year, the International Monetary Fund said yesterday, urging the government to reduce the costs of energy and transport to facilitate growth. General inflation, both rural and urban, stood at 3.3% in August, official data showed. Paulo Drummond, the deputy division chief in the African Department of the IMF, said the economy was expected to expand by 6% this year, in line with the government’s forecast.
“For the Rwandan economy to grow and for the private sector to be leading the growth in Rwanda it would be very important that the costs of businesses come down,” Drummond told a news conference after a visit to the country. He said costs of electricity, labour, tr…
Roll out of country-wide free WiFi has commenced
It’s a scene any visitor would be surprised to see deep in central Africa: a tech-savvy consumer sitting in a restaurant and surfing a broadband connection with a smartphone, tablet and laptop. But in a region long associated with war and genocide, Rwanda is busy trying to reinvent itself as a regional high tech hub by rolling out free citywide and eventually nationwide wireless connectivity. “I came to use the internet. Sometimes I download video and books,” said South Korean development worker Lee Il-mo, aged 31 and a resident of the Rwandan capital Kigali for the past two years. “Before I went to restaurants or coffee bars and I had to buy a drink, but here it’s a free area,” he said, sitting in Kigali City Tower – a zone slated as th…