Kagame commends citizens’ ownership of development

photoPresident Paul Kagame yesterday thanked citizens of Kicukiro for their involvement in moving their neighborhood and country forward adding that the partnership between citizens and government has been key to developing Rwanda.

The Head of State made the remarks after joining residents of Niboye Sector, Kicukiro District as they worked to revamp a feeder road network in the neighborhood as part of the monthly community service, Umuganda.

“Without partnership between citizens and government, we cannot achieve development. The achievements they attribute to me belong to every Rwanda, they are your accomplishments the result of your hard work,” Kagame said during the interactive session that took place at St. Joseph primary school after Umuganda.

Kagame also recalled where Rwanda has come from and urged residents to look at progress achieved as encouragement to achieve even more:

“There was a time when people did not believe in our ability to develop. Even we seemed to have lost faith in ourselves. But today we have seen what we are capable of.”

“Looking at how far we have come must give us strength to do more. We cannot turn back. Striving to do and be better must become part of who we are,” Kagame added.

Earlier, The Mayor of Kicukiro District, Paul-Jules Ndamage, told journalists that residents have already contributed close to half of the Rwf25 million pledge to improve drainage along the road.

“With this kind of self-sufficiency we can accomplish a lot more,” Ndamage added.

Speaking to Sunday Times, Ignace Benimana, 65 and resident of the area prided himself in taking part in national development adding that the interactive discussions that have become an integral part of Umuganda serve as a means for citizens to get together and find solutions to common challenges.

Theoneste Harindintwari, 26, a local taxi motor cyclist, told Sunday Times that, “Umuganda is a very important development tool. I think doing it one day in a month is just not enough.”
Source: New Times

RPF cadres retain provincial leadership in new elections

photoThe chairpersons of Rwanda Patriotic Front (RPF) in all four provinces and the City of Kigali were retained by delegates in the party election that took place across the country yesterday.

In City of Kigali, delegates retained mayor Fidele Ndayisaba as party chairperson, while Zulfat Mukarubega was elected as the new party’s vice chairperson, with Claudine Mukakagaba getting the delegates nod as secretary-general.

In Southern Province, Alphonse Munyantwali was re-elected by delegates as party chairperson in the elections at Nyanza District stadium yesterday.

Others elected included Aaron Vuganeza as vice-president and Annonciata Kambayire as the secretary-general.
Speaking shortly after being re-elected, Munyantwali said RPF liberated the country and has achieved more in terms of building national unity and giving Rwandans the dignity that they had lost.

“Party members have given us the mandate to be in these leadership positions to take the party forward; we pledge not to disappoint them. We will follow the party’s principles in solving common problems and to continue promoting the party and its role in the development of the country,” said Munyantwali, who is also the provincial governor.

Odette Uwamariya, the governor of Eastern Province, was re-elected as party chairperson and she pledged to continue being part of the party’s journey to lead the country to more economic prosperity.

“Our commitment as RPF is that every Rwandan lives a decent life and sustainable self-reliance, and there is need for us to engage in more efforts to achieve those aspirations,” Uwamariya said, challenging party members to spearhead the development of their communities.

That way, Uwamariya added that the party will be able to help people develop the province and the country at large.

Aime Bosenibamwe, the governor of Northern Province, was re-elected as party chairperson in the province.

Meanwhile, in Western Province, delegates re-elected Jean Nepomuscène Nkurikiyinka as party chairperson, while Josuin Ntaganira got the vice chairpersonship, with Agnes Uwamahoro becoming secretary-general.

Nkurikiyinka is the Director-General of Rubaya Tea Factory in Nyamasheke District.

Internal democracy

Wellars Gasamagera, who heads the party’s electoral committee, said in a recent interview that the RPF party election is a regular exercise that takes place after every four years and is aimed at building party democracy.

“This is a regular exercise just like the national executive committee elections. The exercise has been conducted right from the cell level to the provinces,” Gasamagera said of the activity that started at the grassroots on June 6.

The national executive committee was elected last year.
Source: New Times

Q-KON’s private networks enable satellite growth in Africa

satelite_328808723The arrival of innovation in the satellite technology space will continue to deliver significant value to trade and commerce…

This is the view of management at Q-KON, an established specialist service provider focusing on providing ready to use communication solutions and managed network services for the African market.

Q-KON remains ahead of technology trends and best practices by adopting innovative solutions to improve communication needs. “Our influence and achievements to date are due to our long-term partnerships with leading solution manufacturers and respected customers across Africa,” says Dr Dawie de Wet, CEO of Q-KON.

Are all satellites created alike?

As a communication technology, satellite networks are powerful, flexible and very diverse. Because of its “over-the-air” nature plus the advances in recent technologies, satellite networks have become much more flexible, cost effective and dynamic solutions than fibre or copper cable networks.

“As a reference to this point, consider that cabled networks are fundamentally fixed point-to-point installations often from a central point to multiple customer sites. The flexibility offered by this type of fixed point-to-point network can simply not be compared with the dynamic and flexible nature offered by satellite networks,” Dr de Wet continues.

From this flexibility and dynamic nature of satellite technologies follows the additional benefit that different satellite networks can be designed for completely different user requirements. In this way satellite technology can similarly be used to provide consumer grade broadband services or high availability mission critical connections for remote oil and gas operations. As the technology evolves and the applications thereof grows, it becomes increasingly important that user groups appreciate this dynamic power of satellite networks and differentiate between different satellite networks for different user requirements.

Customized Private Networks

“One market sector which has seen significant growth is the deployment of custom-built satellite networks which are designed, implemented and operated to address very specific customer needs,” he adds.

Customer needs such as mitigation of unexpected power losses to branch offices, interim communication to a sales office in a new territory or mission critical communication to a network of remote monitoring points are all specific applications that can be resolved efficiently and cost effectively using satellite networks.

For these types of requirements it is more effective to develop networks that address the customer’s specific requirements than providing service from a generic satellite access network. This customization can mostly be achieved by leveraging the technical advantages linked with Q-KON’s system engineering skills and capabilities to develop a user specific network.

“Because these networks are implemented using proven technologies and secure satellite services it can offer both the reliability and cost points required by the business; which results in a “best of both” worlds scenario,” says Dr de Wet.

When is a Private VSAT Network better?

A private VSAT Network is an ideal solution for a customer who needs reliable anywhere and anytime communication from multiple remotes sites to a central core network. This could be a banking network to provide connectivity to large numbers of branch, ATM and POS sites, or a mining network that requires high capacity links between a couple of remote operations in a mining region. Private satellite networks operate independent from any other local telco infrastructure (no integration between ADSL, 3G or wireless) which makes these networks elegant and effective to operate. Q-KON takes control of the operation, support and maintenance – this makes the process seamless and much more effective because there are no 3rd parties to blame when something goes wrong.

“By integrating the power of today’s satellite technologies with customer demands through an structured system engineering process we are able to both enable business growth for our customers as well as wider adoption of satellite technology within the Africa landscape,” Dr de Wet concludes.

Source: Balancingact-Africa

New Bond Issue Set to Help Africa Go ‘Green’…A Way of Bankrolling a Clean Energy Revolution

green_worldFaced with this record growth and its foreseeable impact on the city’s aging infrastructure and social services, Johannesburg’s Executive Mayor Parks Tau gave a nod to a greener path for development in his 6 May 2015 State of the City address. Among the promised innovations he listed were low-flush toilets and water-saving urinals to become a standard feature in Johannesburg homes, offices and commercial sites, alleviating the pressure on the city’s scarce water reserves.

Organic waste is to be harvested for fuel and energy, and solar heaters and smart metres installed to reduce the consumption of electricity. Furthermore, to lower pollution, he hopes to reduce the commuters’ reliance on private vehicles in favour of walking and biking. The mayor also promised to improve the public transport system and switch to diesel fuel to lower the city’s carbon footprint.

To finance these initiatives, the city auctioned its first ever “green bond” on the Johannesburg Stock Exchange (JSE) last June. The bond, which is worth $143 million and is expected to mature in 2024, was 150% oversubscribed – a success! In a speech delivered shortly after the listing of the bond, Mayor Tau said it was a clear demonstration of “investor confidence in the City of Johannesburg and commitment to environmental stewardship and climate change.”

A bond is a type of loan or an IOU which companies, governments or banks use to finance projects. The issuer is obliged to pay back the debt within a time agreed and with a certain interest. What warrants the “green” label is that the proceeds are allocated to climate and environment-friendly projects. By issuing this type of bond, Johannesburg became not only a pioneer in Africa, but also within the C40 Cities Climate Leadership Group, a network of megacities sharing best practices and feasible solutions to changing weather patterns.

Green bond allure
Green bonds are not different from conventional bonds in their pricing. Much of their allure lies in the fact that investors feel they are being “socially responsible” and that they are having a positive impact on the environment. According to the World Bank’s senior sustainability advisor, Laura Tlaiye, investors are increasingly recognizing the threats environmental degradation and climate change can create for long-term financial value, and are considering it when they choose their investments.

At the same time, investors are also drawn to these fixed-income green loans that promise regular returns and a full refund of the principal amount once the bond has matured. And in the case of the World Bank, one of the largest financiers for climate-smart projects in developing countries, their bonds bring triple “A” ratings, indicating they are extremely safe and low-risk. But as the market expands, so does the need for more clarity on how the capital raised is used. International institutions providing development financing, like the European Investment Bank (EIB), were the first to enter the green bond market in 2007. A year later, the World Bank joined forces with the Swedish financial group, SkandinaviskaEnskildaBanken AB (SEB), to respond to a demand by Scandinavian pension funds looking to invest in environmentally friendly fixed-income products. Since then, the World Bank has continued to raise a lot capital for projects that seek to mitigate climate change in developing countries or seek to help affected people adapt to it.

So far, Tunisia has received a loan of over $30 million to promote better water management by using the country’s irrigation and drinking water more efficiently, while Morocco has successful applied for funds to build North Africa’s biggest solar power plant in an effort to curb its reliance on coal and other fossil fuels. To date, the bank has issued the equivalent of $8 billion in green bonds through more than 90 transactions in 18 currencies.

Socially responsible investors
Climate change is presently one of the greatest challenges confronting the developed and the developing world, warns the African Development Bank (AfDB), which set up a green bond programme in 2013. Without a concerted effort to reduce greenhouse gas emissions, echoes the International Finance Corporation, an affiliate of the World Bank, the earth’s temperatures could rise considerably within this century. In order to keep global temperatures below 2 degrees Celsius as agreed by negotiators during the United Nations Framework Convention on Climate Change (UNFCC) negotiations.

Business editor and author Mark Gunther, in the Yale Environment 360 online magazine, questions whether green bonds could “bankroll a clean energy revolution” and is uncertain where the money would come from. In a sense, he argues, green bonds are the latest example of “themed bonds for a specific purpose ” pointing to the 1862 civil war bonds that helped finance the US army and World War II bonds sold by celebrities at the time.

With the market raking in billions of dollars a year, it seems the appetite for these new debts is growing as well as the emergence of new types of issuers as evidenced by the case of Johannesburg. In March 2014, corporations like Toyota joined the fray to fund consumer loans for electric and hybrid cars. During the same period, the global consumer goods company Unilever and the French utility company GDF Suez of France issued green bonds to finance their renewable energy and energy efficiency projects.

Although there is no market standard for the definition of green, Marilyn Ceci, managing director and head of Green Bonds at JP Morgan wrote in the global knowledge sharing platform called Meeting of the Minds, in February 2015, that there are the Green Bonds Principles (GBP), which serve as voluntary guidelines on transparency and disclosure and are endorsed by environmental groups, investors and other issuers.

Transparency
The four components of the GBP include a description of how the proceeds of the bonds are to be used, an outline of the decision-making process disclosing the criteria used to review and determine the eligibility of the project, as well as tracking the proceeds and reporting on how they are being used at least once a month.

The World Bank initially set the bar high with its rigorous six-stage selection, approval, review and reporting process. The eligibility criteria are verified by experts from the Norway-based Centre for International Climate and Environmental Research (CICERO). Interested investors can check the institution’s website to get detailed updates on the projects, complete with pictures, graphics and summaries.

The World Bank applies a “gold standard” in the selection of its eligible projects. For example, the bank’s green bond portfolio will not include nuclear projects or those that deal with natural gas extraction by fracking. The bulk of the bank’s green bond projects are in middle-income countries like Mexico, China and Africa’s Maghreb region like Egypt, Tunisia and Morocco whose low-carbon projects funded by the World Bank are in full swing.

Projects in sub-Saharan Africa receive support through the International Development Association (IDA), the bank’s fund for the poorest, which doles out “low-interest loans, credits or grants from donors rather than from capital markets”.

However, while African countries south of the Sahara have made a grand debut into the international debt market scene, their presence in the green bond market is nascent. For now it seems, Johannesburg is leading having listed the first “African green city bond” in the region.
Source: Modern Ghana

Crystal Telecom IPO oversubscribed by 123%

crystel telecomCrystal Telecom’s initial public offering (IPO) has been oversubscribed by 123 per cent, according to a statement by the firm.

The firm was offering about 270.17 million shares which is 20% of MTN Rwanda.

Renaissance Capital, the acting Lead Transaction advisor confirmed that they received over 2300 applications from Rwanda, the East African Region and beyond during the share sale that closed on June 5.

During the two week period, the IPO was at Rwf105 with the minimum share application at 1,000 shares.

The company is expected to begin trading on the Stock Exchange on July 17.

Commenting on the development, Celestin Rwabukumba, the Chief Executive of the Rwanda Stock Exchange (RSE) said that the firm had set the pace as the first full private sector company to utilize capital markets as means to raise finance.

He said as a result, they expect to see growth in the performance of capital markets in coming months.

“We expect to see growth in our sector over the coming months as other companies seek to do the same. We also encourage other businesses in the private sector, large or small, to engage in the capital markets by either listing their companies or investing & trading in listed securities,” Rwabukumba said.

Jack Kayonga, the chairperson of Crystal Ventures Ltd, the parent company of Crystal Telecom said that the firm was upbeat on the uptake of the IPO by both local and international investors.

Crystal Telecom was the country’s third IPO after Bralirwa and Bank of Kigali.

Crystal Ventures has been a shareholder in MTN Rwandancell Limited since 1998.
Source: New Times

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