Category Archives: Finance

Kagame signed US$100M to develop special economic zones. What will he do ?

Kagame Signed US$100 Million Indian Loan To Build Special Economic Zones

General Paul Kagame is into large loans to build large projects in the capital city, Kigali. Kagame just acquired another mega loan as indicated by his Presidential Order No 51/01 of May 20, 2019. Kagame’s decree ratified the loan agreement between his regime and the government of India via the Export-Import Bank of India. The loan amount is US$100 million. The purpose of the loan is to develop ”two special economic zones and the expansion of the Kigali Special Economic Zone”. The loan period is 25 years; repayment begins in 5 years from now.

Contractors restricted to Indian companies

According to the loan agreement, ”the bidding should be restricted to Indian companies registered in India and or incorporated under any law in force in India.”

What kind of economic zones are built by US$100 million?

Kigali Special Economic Zone

Special economic zones (SEZs) are typically packages of strong incentives aimed at attracting foreign direct investments. SEZs provide infrastructure, such as land and access to utilities including water and electricity. Other facilities provided in SEZs may include prefabricated factory units and warehouses.

My question is — what kind of infrastructure is Kagame building in his SEZs to warrant a US$100 million loan?

Will the Indian companies, perhaps, build a power plant to supply the badly needed electricity? Otherwise, it is hard to imagine how prefabricated factory units and warehouses can cost that much money. And, has the existing Kigali’s SEZ attracted any serious foreign direct investment before blindly sinking in US$100 million?As always, Kagame’s Rwanda is unfathomable.

Source : Himbara

Volkswagen-Kagame Deal Shows Why The Carmaker Has A Serious Reputation Problem Open Letter Dr. Herbert Diess, Chairman of the Board of Volkswagen

VW - Kagame deal

Dear Dr. Herbert Diess,

this letter refers to Volkswagen’s investment in Rwanda. Volkswagen says it has built a US$20 Million assembly plant there. The company further asserts that the Rwandan plant is assembling no less than three models — Polo, Passat and Teramont. These claims are highly problematic. For a carmaker seeking to restore its reputation after it was caught cheating in 2015, calling the US$20 Million investment in Rwanda “an automobile assembly” is dubious. Before dealing with this matter, I first highlight what Volkswagen stated in its 2017 Annual Report with regards to the 2015 scandal:

”We overhauled our code of conduct and our whistleblowing systems…The combination of integrity, compliance, and culture is important and indispensable of the transformation process we are undergoing. We are renewing ourselves from the inside out and are evolving on a daily basis to merit our most important asset — the trust of our customers and stakeholders.

By this statement, Volkswagen is asking the public to trust it again after the 2015 scandal destroyed its reputation. Volkswagen admitted that 500,000 cars it sold in the US were fitted with “defeat devices” designed to fool emissions tests.

Volkswagen is storing its defective vehicles at various facilities around the US.

For this rigging, Volkswagen incurred around US$30 billion in fines— a figure that included the price of buying back the vehicles sold in the US.

Sadly, Volkswagen is still engaging in dishonest acts. Case in point is its venture in Rwanda, launched on June 27, 2018. It was on that day that Rwanda President Paul Kagame infamously informed the world that Volkswagen is now building cars in Rwanda. This is how Kagame put it:

”Some found it hard to believe that German cars could really be built in Rwanda. Yet today, the first vehicles are rolling off the assembly line.”

This, of course, is a big lie. Kagame is a man who routinely lies and exaggerates his socioeconomic accomplishments. He claims to have transformed Rwanda into the Singapore of Africa . Yet, the World Bank’s 2018 Economic Update shows that nearly 40% of Rwandan children suffer from chronic malnutrition. Britain which is the second largest aid donor to Rwanda reports that ”Rwanda remains one of the poorest countries in the world. Over a third of its population live in poverty.” So when Kagame boasts that German cars are rolling off the assembly line in Rwanda, that is Kagame being Kagame.

Surprisingly, Volkswagen echoed Kagame’s big lie.

One would have expected Volkswagen to launch its comparatively small investment with a modest announcement. Not Volkswagen. Instead, the company boasted that its investment marked ”a new era” in Rwanda. Like Kagame, Volkswagen described its project in Rwanda in self-aggrandizement terms:

Sure enough, Kagame repeated Volkswagen’s “new era” slogan. In his own words, Volkswagen’s assembly plant “undoubtedly represents a new chapter in Rwanda’s journey of economic transformation.”

Dear Dr. Herbert Diess, if I may say so, this is hardly the way to restore your reputation. Even for a small economy such as Rwanda with a GDP of US$8.3 Billion, a US$20 Million investment is hardly as remarkable as you describe it. Worse still, one must ask this question — where in the world can US$20 Million build an automobile assembly plant? Where in the world did you ever see an assembly line with only four workers?

Thomas Schaefer posing with the entire workforce of four men the so-called assembly plant in Rwanda.

Dr. Diess, as the Chairman of Volkswagen, you know how costly automobile assembly plants are. For example, your Uitenhage assembly plant in South Africa cost R4.5 Billion or US$328 Million in 2015. Volkswagen’s assembly plant in Chattanooga, Tennessee, USA cost US$1 Billion. And now Volkswagen shamelessly abuses people’s intelligence by claiming that it built an assembly line in Rwanda for US$20 Million.

Dr. Herbert Diess, the profile of the top leadership you deployed to run your Rwanda operations also revealed Volkswagen’s duplicity.

Michaella Rugwizangoga and Schaefer.

Your CEO in Rwanda is Michaella Rugwizangoga who apparently never worked in, let alone led an automobile company. Rugwizangoga was previously employed by President Kagame’s wife, Madam Jeannette Kagame Nyiramongi, in her Imbuto Foundation . Before that, Rugwizangoga worked for the Kagame government in Rwanda Development Board (RDB). This is no means to belittle Rugwizangoga’s accomplishments in the world of work. I am merely pointing out the absurdity of a US$20 Million automobile assembly led by someone who has no knowledge of the industry.

Would a person of such profile be hired to run Volkswagen’s Uitenhage assembly plant in South Africa, or the Chattanooga’s plant in Tennessee, USA, or the Thika plant in Kenya? The answer is obviously no — the three plants are genuine assemblers which require automobile-manufacturing leadership.

Dr. Herbert Diess, in conclusion, I wish to state that, evidently, Volkswagen is not renewing itself in order to merit public trust. Your company cannot be trusted. Here is a carmaker shamelessly aggrandizing a US$20 Million workshop into an automobile assembly plant. Suddenly, attaching tires, bumpers, and exhaust pipes to a vehicle become an assembly process. This scandal is not in the league of the 2015 “emissionsgate” — but it is a disgrace, nonetheless.

Sincerely,

David Himbara

Source: https://medium.com

The IMF and the World Bank Should Say No To Cronyism in Rwanda — Open Letter to Ms. Christine Lagarde and Dr. Jim Yong Kim

KCCAugust 5, 2016

Ms. Christine Lagarde, Managing Director, The International Monetary Fund, 700 19th St NW, Washington, DC 20431, United States

Dr. Jim Yong Kim, President of the World Bank, 1818 H St NW, Washington, DC 20433, United States

Dear Ms. Lagarde and Dr. Kim,

RE: Cronyism will plunge Rwanda into chaos if left unchecked by the country’s financiers

I begin my letter by thanking you for supporting my home country, Rwanda. In 2016 alone, your two agencies will lend Rwanda nearly a half billion dollars — the World Bank’s loans and grants amount USD285 million while the IMF’s Standby credit totals USD204 million.

The purpose of this open letter, however, is about cronyism in Rwanda. Case in point is the Kigali Convention Centre (KCC), financed by the larger part of the USD400 million Eurobond the Kagame government raised in 2013. Shockingly, a company by the name of Prime Holdings Ltd is a major shareholder with 50% shares.

Now, Prime Holdings Ltd’s notoriety is documented in the IMF’s records, as I discovered when researching for my new book, Kagame’s Economic Mirage(2016). Back in 2006, the IMF concluded that Rwanda’s “adherence to conditionality was poor” because, among other things, “the publication of Prime Holdings’ audit was not met.” At the time, Rwanda was building two major hotels that would be the launchpad of its tourism business. Prime Holdings Ltd was in charge of this project.

In response to the IMF’s findings, the Kagame government admitted that Prime Holdings was corrupt and should not be in business. In a letter dated May 18, 2006, to the then IMF’s Managing Director, Mr. Rodrigo de Rato y Figaredo, Rwanda’s Finance Minister, James Musoni, and Governor of the National Bank of Rwanda, Francois Kanimba, described Prime Holdings Ltd as follows:

“With a view to enhancing transparency related to Prime Holdings’ two hotels, we have published a financial audit and business plan of Prime Holdings in December 2005 (missed end-September performance criterion). As the auditors concluded that “it was not possible to determine if proper books of account were kept by the hotels”, we have canceled the contract with the management company and are in negotiations with the Intercontinental group to take on the management of the hotels.”

So now, how does the discredited Prime Holdings Ltd which the Kagame government terminated a decade ago reemerge to own 50% of KCC? That is not all. Crystal Ventures Ltd (CVL) is also a shareholder in KCC. Owned by the ruling party, the Rwandan Patriotic Front (RPF), CVL is synonymous with cronyism in Rwanda. Without government contracts in building roads, chartering executive jets to President Paul Kagame, or constructing a stadium for a local municipality, CVL would collapse. CVL is the most critical deterrent to domestic and foreign investment in Rwanda — and explains why Rwanda’s top rankings in the World Bank’s Doing Business indicators hardly make a difference.

There is no question that we are witnessing in KCC entrenched cronyism via state capture by the ruling elite in Rwanda. Prime Holdings Ltd is a shadowy front. It does not have an address or website. Prime Holdings’ premises in Kimihurura were turned into military officers’ quarters by President Kagame in 2009. Rwandans thought we had seen the last of this mafia-like company, only to reemerge, in control of even much larger assets — KCC.

As Rwanda’s leading financiers, the IMF and the World Bank have an obligation to hold the Kagame government accountable to transparency. We urge your two agencies to leverage your lending and surveillance powers to intervene before Rwanda’s ruling elite bankrupts the nation.

At the very least, the government of Rwanda should explain how, when, and why it resuscitated Prime Holdings Ltd, after assuring the IMF that the corrupt company closed ten years ago.

Most Sincerely,

David Himbara

Source: https://medium.com/@dhimbara

Paul Kagame, intangarugero(rubi) mu kunyereza umutungo w’igihugu

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Muri iyi minsi haravugwa ibyerekeranye no gusahura imitungo ya rubanda bajya guhunika mu bihugu by’amahanga byishyuza umusoro muto cyane w’ayo mafaranga aba yazanywe kubitswa aho, aribyo bita mu rurimi rw’igifaransa “Paradis fiscal” cyangwa mu cyongereza “tax haven“. Ikivugwa cyane ubu niscandale des paradis fiscaux bise “Panama Papers” aribyo bishatse kuvuga mu kinyarwanda “Impapuro z’i Panama” igaragaramo n’agatsiko k’i Kigali karangajwe imbere na Paul Kagame. Ariko ntibitangaje kuko abanyarwanda ntibahwemye kubivuga .

Ndibuka ko nko muri 2013 nigeze kwandika mvuga ziriya ndege zikiri ebyiri zabaga muri Afrika y’Epfo zikaba zarahageze biciye muri imwe mu masosiete ya Kagame atungwa agatoki n’iriya “Panama Papers” yitwa Repli Investments N° 29 (Pty) Ltd. Iyi “sosiyeti ya baringa” (société écran) niyo yajyanye bene ziriya ndege ebyiri za mbere muri Afrika y’Epfo muri compagnie y’indege yitwa “ExecuJet“. Rapport ya “Panama Papers” yasohotse mu kinyamakuru cyo mu Budage kivugamo ziriya. Byahiriranye n’uko tumaze iminsi tubivuga ! Uretse iyo sosiyete y’agatsiko ka Kagame hari n’izindi zizwi navuga nka BCI Group,Capital BrokersCrystal VenturesIntersec SecurityInyangeMutara EntreprisesNexus, n’izindi ntarondoye zizaza ubutaha muri “Panama Papers“. Reka twibukiranye turebe muri make ibyo nari nanditse :  Nari natangiye nsubiza ko Kagame nta gihe atazerera… ko biteye agahinda kumva ngo umukuru w’igihugu asesagura ataretse no gusahura ibya rubanda mu gihe abaturage bishwe n’inzara bikubitiyeho n’ubukene. Narakomeje nti ku byerekeye izo ndege ebyiri ze Kagame yazisahuye kw’ imari y’igihugu akaba anazikodesha na Leta y’u Rwanda yarazihungishije muri Afrika y’Epfo nyuma byamukomerana akazihungisha muri Turikiya zikanagera mu Bugereki. Ku iyindi paragraphe nagize ntya : Ese izo ndege ni izihe ? Ubwo nahise nzisobanura amavu n’amavuko yayo : Mu ntangiriro z’umwaka w’2003 nibwo Kagame yanyarukiye mu ruganda rukora indege arirwo rwita “Bombardier Aerospace” rufite icyicaro mu mujyi wa Toronto ahagura imwe muri izo zari zisanzwe zikora (ikoreshwa n’uruganda) yakozwe mu kwa 04/2000 ikaguruka bwa mbere kuri 27/04/2000 ifite nimero zo muri Canada C-GGJJ ikaba ariyo mu bwoko bwa Bombardier Global Express. Nyuma mu kwa 08/2000 abayobozi bakuru b’urwo ruganda bakomeje kuyikoresha ariko muri Amerika ifite nimero yaho N16FX kugeza ubwo Paul Kagame ayiguze. Niyo ya mbere yari aguze ubwo hari ku ya 8/04/2003. Ubwo ya sosiyete ye yitwa Repli Investments N°29 (Pty) Ltd ifitwe na ba J-Paul NyirubutamwaManasseh Nshuti na Hatari Sekoko (uyu aragaragara muri “Panama Papers”) aba ariyo iyigeza muri Afrika y’Epfo ikambikwa indi nimero zaho ZS-ESA. Nyuma bayinjiza muri sosiyete y’indege ikorera i Lanseria muri Johannesburg ariyo yitwa ExecuJet.

Indi ya kabiri nayo ni Bombardier Global Express yaguzwe ku wa 6/11/2008 ijya muri ya masosiyete navuze haruguru ifite nimero zaho ZS-XRS nyuma yuko nayo yarakoreshejwe kuva yasohoka mu ruganda rwayo i Toronto kuwa 3/08/2007. Icyo gihe isohoka mu ruganda bwa mbere yari ifite nimero zo muri Canada C-FMND nyuma y’ukwezi kuwa 25/09/2007uruganda ruyigurisha mu mujyi wa Richardson muri Texas ifite nimero zo muri Amerika N74ZZ mbere y’uko igurwa na Paul Kagame mu kwa 11/2008. Izo ndege  ebyiri muri Afrika y’Epfo zitwaga ko ari i za Leta y’u Rwanda mu by’ukuri ntaho byanditswe. Banyirazo bashakaga kutishyura imisoro. Kuva aho abantu bari bazi banyirazo batangiye kubitangaza ku mugaragaro nka Lt Gen Kayumba Nyamwasa (Rwanda Briefing) bikaba kimwe mubyo bashakaga kumuhora ngo bamwivugane (28/02/2010) nyirazo w’ukuli n’ibisumizi bye byahise bishya ubwoba ubwo n’Afrika y’Epfo imenya banyirazo itangira kubishyuza n’uko abatypes bahita bazihungisha babanza muri Turikiya bakurikizayo mu Bugereki. Icyo gihe zari zigifite za nimero zo muli Afrika y’epfo : ZS-ESA na ZS-XRS. Muli uko kuzihisha ngo zitazagirwa ingwate na Afrika y’epfo ya société yitwa “ExecuJet” yazikodeshaga yari yatangiye gushaka umuguzi uzagura iriya ya mbere ifite nimero ZS-ESA. Nyuma kuwa 22/04/2011 babonye uyifataho ubukode buzarangira kuwa 30/04/2017 ariyo société ibarizwa mu mujyi wa Jacksonville muli Floride (USA) ariyo “Al Ruchaid Aviation Ltd ”. Ubu yambaye nimero zo muli Amerika N1AR.  Indi yo (ZS-XRS) bari bashoboye kuyibonera sosiyete nayo isa nkaho ari “baringa” (écran) izakoreramo ibarizwa i Athène mu Bugereki yitwa “Gain Jet Aviation” mu kwa12/2010 ikaba ifite nimero zo muli icyo gihugu SX-GJN. Iyo ndege “Bombardier Global Express” (SX-GJN) niyo Mme Kagame cyangwa inshuuti ze ziza nazo gusahura. Izo ngendo zose zikishyurwa na Leta y’u Rwanda amafaranga ajya mw’isanduka ya Kagame. Ubushize twabonye uko ingendo zingana Kagame yakoze azerera isi. Muri make muri uyu mwaka 2016 duhereye kw’itariki ya04/01/2016 kugeza kuri 09/03/2016 twabonye ko amaze kugira igendo zigera 8 bingana n’amasaha 187 indege iguruka. Ikiguzi cyayo kikaba cyaratwaye € 1.212.600 (US$ 1.358.896,81) ubwo bingana n’amanyarwanda arenga Miliyali imwe na miliyoni cumi n’umunani n’ibihumbi magana cyenda makumyabiri ni umwe magana inani mirongo icyenda na tanu (RwF 1.018.921.895,81) ! Umwaka ushize 2015 Kagame yagize igendo zigera 37 bihwanye n’amasaha 514 indege iguruka : 514h x € 8.600 (kw’isaha) = € 4.420.400 (US$ 4.952.949,77) ubwo bingana n’amanyarwanda arenga Miliyali eshatu miliyoni magana rindwi na cumi nane n’ibihumbi magana tatu mirongo itandatu na karindwi na magana rindwi mirongo itandatu na kabiri (RwF 3.714.367.762,36).

Turebe no neho ingendo Kagame yakoze umwaka 2014 n’amasaha byatwaye aguruka :

1. Hagati y’amatariki ya 14 – 15/01/2014 Kagame yagaragaye i Luanda muriAngola mu nama ya 5 isanzwe y’abakuru ba Leta na za guverinoma byo mu karere k’ibiyaga bigari (5e Sommet des Chefs d’Etat et de Gouvernement de la Région des Grands Lacs).

2. Hagati y’amatariki ya 20 – 21/01/2014 Kagame yagaragaye i Naivasha muriKenya mu nama yahuje abakuru b’intara (47) aho bigaga ubufatanye n’imiyoborere myiza (Media Group Governors’ Summit).

3. Hagati y’amatariki ya 22 – 24/01/2014 Kagame yakomereje i Davos muBusuwisi mu nama ya “World Economioc Forum“.

4. Hagati y’amatariki ya 29 – 31/01/2014 Kagame yagaragaye i Addis Abebamuri Ethiopia mu nama ya 22 y’abakuru b’ibihugu na za guverinoma b’umuryango w’Afrika (African Union Summit).

5. Hagati y’amatariki ya 4 – 5/02/2014 Kagame yagaragaye i Praia muri Cape Verde mu nama nyafrika ngarukamwaka ku guhanga ibishya (Africa Innovation Summit).

6. Tariki ya 12/02/2014 Kagame yagaragaye i Los Angeles muri Amerika aho yasuye Fondation Shoah (Shoah Foundation) no munama yiswe “Los Angeles World Affairs Council“.

7. Hagati y’amatariki ya 13 – 14/02/2014 Kagame yakomereje i San Francescoaho yasuye Kaminuza yaho (University of California).

8. Hagati y’amatariki ya 19 – 20/02/2014 Kagame yagaragaye i Kampala muriUganda mu nama ya 4 y’imishinga y’ubufatanye mu muhora w’amajyaruguru (4th Summit of the Northern Corridor integration Projects).

9. Hagati y’amatariki ya 22 – 23/03/2014 Kagame yagaragaye i Dublin muriIrlande mu nama yahuje abagize akanama gashinzwe kwihutisha ikoranabuhanga rya internet inyaruka ku isi (UN Broadband Commission Meeting).

10. Tariki ya 25/03/2014 Kagame yagaragaye kw’incuru ya kabiri i Luanda muriAngola mu nama y’abakuru b’ibihugu byo mu karere k’ibiyaga bigari (Sommet des Chefs d’Etat de la Région des Grands Lacs).

11. Hagati y’amatariki ya 2 – 3/04/2014 Kagame yagaragaye i Bruxelles m’uBubiligi mu nama ya 4 yahuje umuryango w’ubumwe bw’u Burayi n’ibihugu by’Afrika (4e sommet UE-Afrique).

12. Hagati y’amatariki ya 22 – 23/04/2014 Kagame yagaragaye i Boston muriAmerika aho yasuye “Massachusetts Institute of Technology“.

13. Tariki ya 25/04/2014 Kagame yakomereje i San Francisco aho muri Amerikamuri “Stanford Global Speaker Series“.

14. Tariki ya 26/04/2014 Kagame yanyarukiye mu mujyi wa Lake Forest imwe igize akarere ka Los Angeles aho yagaragaye mu Rusengero (Saddleback Church) ruyoborwa n’incuti ye Rick Warren ngo mu gikorwa cyo kwibuka kunshuro ya 20 génocide ibaye mu Rwanda.

15. Hagati y’amatariki ya 27 – 29/04/2014 Kagame yakomeje kuba i Los Angelesmuri Amerika agaragara muri “Milken Institute Conference“.

16. Tariki ya 1/05/2014 Kagame yagaragaye i Nairobi muri Kenya mu nama ya 5 y’imishinga y’ubufatanye mu muhora w’amajyaruguru (5th Summit of the Northern Corridor integration Projects).

17. Hagati y’amatariki ya 7 – 9/05/2014 Kagame yagaragaye i Abuja muriNigéria mu nama ya 24 yiga kubukungu bw’isi (World Economic Forum).

18. Tariki ya 11/05/2014 Kagame yagaragaye i Nairobi muri Kenya mu gikorwa cyo gusinya amasezerano n’u Bushinwa yo kubaka umuhanda wa gari ya moshi uva Mombasa-Nairobi-Kampala-Kigali ukagera n’i Juba muri Sudani y’Epfo.

19. Tariki ya 16/05/2014 Kagame yagaragaye i Genève mu Busuwisi mu Ikigo mpuzamahanga cy’ikoranabuhanga mu itumanaho (World Telecommunication and Information Society).

20. Tariki ya 23/05/2014 Kagame yagaragaye i Libreville muri Gabon mu nama yiswe “New York Forum Africa“.

21. Tariki ya 27/05/2014 Kagame yagaragaye i New-York muri Amerika mu nama rusange y’Inama y’Umuryango w’Abibumbye yita ku bukungu n’imibereho myiza (Economic Social Council Meeting on Sustainable urbanization).

22. Hagati y’amatariki ya 25 – 27/06/2014 Kagame yagaragaye i Malabo muriGuinée Equatorial mu nama ya 23 y’abakuru b’ibihugu na za guverinoma mu muryango w’Afrika yunze ubumwe (23rd Ordinary session of African Union assembly).

23. Tariki ya 8/07/2014 Kagame yagaragaye i Accra muri Ghana ubwo Wole Soyinka yamurikaga igitabo cye yise : “Crucible of the Ages – Essays in Honour of Wole Soyinka at 80“.

24. Hagati y’amatariki ya 3 – 7/08/2014 Kagame yagaragaye i Washington D.C.muri Amerika mu nama y’abayobozi b’ibihugu by’Afrika n’abayobozi ba Leta Zunze Ubumwe z’Amerika (USA-Africa Leaders Summit).

25. Hagati y’amatariki ya 19 – 20/09/2014 Kagame yagaragaye i Atlanta muriAmerika muri “Rwanda Day”.

26. Hagati y’amatariki ya 20 – 27/09/2014 Kagame yakomereje i New-York muriAmerika mu nama Rusange ya Loni (United Nation General Assembly).

27. Tariki ya 1/10/2014 Kagame yakomereje i Dubai mu barabu mu nama ya “Global Business Forum“.

28. Tariki ya 6/10/2014 Kagame yagaragaye i Trieste mu Butaliyani muri yubile y’imyaka 50 y’ikigo mpuzamahanga ku Bugenge cyitiriwe Abdus Salam (50th Anniversary of Abdus Salam international Centre for Theoritical Physics).

29. Hagati y’amatariki ya 7 – 9/10/2014 Kagame yakomereje i Kampala muriUganda aho yitabiriye inama ya 3 igamije gusuzumira hamwe uko hakongerwa ingufu mu bucuruzi n’ishoramari hagati y’Uganda n’u Rwanda (3rd Uganda Rwanda Business Forum) yitabira n’inama ya 7 y’umuhora wa ruguru (7th Northern Corridor Integration Projects Summit) ndetse n’ibirori byo kwizihiza isabukuru ya 52 y’ubwigenge bwa Uganda (52th Anniversary of Uganda Independence).

30. Hagati y’amatariki ya 20 – 22/10/2014 Kagame yagaragaye i London muBwongereza mu nama ku ishoramari mpuzamahanga muri Afrika (Global African Investment Summit).

31. Tariki ya 26/10/2014 Kagame yakomereje i Abu Dhabi mu barabu ari kumwe anaganira n’Igikomangoma cy’Ingoma y’Abu Dhabi akaba na Minisitiri w’Ingabo Sheikh Mohamed bin Zayed Al Nahyan.

32. Tariki ya 28/10/2014 Kagame yakomereje i Busan muri Koreya y’Epfo mu nama ya 19 y’umuryango mpuzamahanga ushinzwe ibijyanye n’ikoranabuhanga n’itumanaho (ITU).

33. Tariki ya 29/10/2014 Kagame yakomereje i Seoul muri Koreya y’Epfo asura ikicaro gikuru cy’itumanaho “Korea Telecom Headquarters“.

34. Tariki ya 31/10/2014 Kagame yakomereje i Jakarta muri Indonesia m’uruzinduko rw’akazi (Visite d’Etat).

35. Hagati y’amatariki ya 4 – 5/11/2014 Kagame yakomereje i New Delhi muBuhinde mu nama mpuzamahanga y’ubukungu “World Economic Forum“.

36. Hagati y’amatariki ya 11 – 12/12/2014 Kagame yagaragaye i Nairobi muriKenya mu nama ya 8 y’umuhora wa ruguru (8th Northern Corridor Integration Projects Summit) ndetse n’ibirori byo kwizihiza isabukuru y’ubwigenge bwa Kenya (Jamhuri Day).

37. Tariki ya 17/12/2014 Kagame yagaragaye i Luanda muri Angolam’uruzinduko rw’akazi (Visite d’Etat).

Amasaha indege yagurutse kuri izi gendo 37 bihwanye n’amasaha 591591h€ 8.600 (kw’isaha) = € 5.082.600 (US$ 5.796.134,88) ubwo bingana n’amanyarwanda arenga Miliyali enye na miliyoni magana abiri mirongo icyenda na tatu n’ibihumbi magana inani mirongo itanu n’icyenda na magana rindwi na makumyabiri (RwF 4.293.859.720,55)

Flavien Lizinde 

Source: The Rwandan 02 Mai 2016

Euro hits 12-year low against dollar

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The euro has fallen to its lowest level against the US dollar in 12 years after the European Central Bank (ECB) began its government bond buying programme.

It fell as low as $1.0560, before recovering a little. But many traders expect it may soon be worth the same as a dollar.

The ECB began its latest round of quantitative easing (QE) on Monday.

It will buy bonds worth €1.14tn over the next 18 months, flooding the market with euros.

Traders have reacted to the ECB’s latest round of QE by selling euros and buying other currencies such as US dollars.

The US currency is appealing because the Federal Reserve looks to have completed its bond-buying programme.

The euro started its slide against the dollar in July last year as traders reacted to the divergence in policy between the ECB and the Fed.

The value of the euro has fallen 22.4% since 1 July, when a euro was worth $1.37.

Positive US data

An upbeat US jobs survey released on Friday provided an additional boost to the dollar.

“This opened up speculation again that the US will raise interest rates in June,” says Jane Foley, senior currency strategist at Rabobank. This would attract foreign capital and boost the dollar.

In the eurozone Greece’s economic woes continue to put downward pressure on the euro, bringing it closer to dollar parity.

The eurozone’s growing current account surplus is encouraging Europeans to invest abroad causing the euro to weaken further, according to Deutsche Bank.