In a bid to enhance the emerging formal economy, Rwanda’s leading commercial bank, BCR, has a mortgage system where by any one with a job that pays over a certain amount will be able to own a house.
In a bid to enhance the emerging formal economy, Rwanda’s leading commercial bank, BCR, has a mortgage system where by any one with a job that pays over a certain amount will be able to own a house.
Influential International Business Magazine African correspond, Robert Guest, wrote in his widely acclaimed book "The Shackled Continent" that Africa’s failure to rid itself of poverty is not having the quantity and quality of the wealth on the continent formalized by documents which can then be used to access financial services leading to the creation of wealth. BCR with this is mind is giving its clients with an income of minimum 300,000 per month an opportunity to own a house.
Launching Rwanda’s maiden mortgage programme BCR boss, David Kuwana, said the bank intends to contribute to the government development priorities.
This financing will see individuals borrow money from BCR for constructing, buying or extending a house. The property acts as a security, while customers pay back that loan plus interest.
The bank has asked the Government for their part to introduce subsidies on all things that enable the construction sector. The bank has asked the Government to reduce charges on power, water, and road construction all of which push up the price of building a house even though they are supposed to be subsidized.
According to a recent report by the World Bank, Rwanda has a deficit of 25000 houses annually and 80 per cent of housing structures are unplanned.
Calm at last
In Kenya, society is regaining its sanity after the brutal violence that swept across the country after December 2007 elections that left 1500 murdered in cold blood, many more thousands injured and displaced. Over 500,000 have been displaced from their homes and 250,000 are currently living as refugees.
Mwai Kibaki and Raila Odinga, contestants of the election, which the latter said was rigged, have agreed to share power. Under the deal, opposition leader Raila Odinga would become prime minister - but the details of the structure and programme of the new government have yet to be worked out.
Last week Parliament opened with both Kibaki and Odinga sounding hopeful. Chief mediator Kofi Annan left the country after several weeks of talks.
Grievances are thought to be about the distribution of land, wealth and power. These suddenly are the reasons that fuelled the post-election unrest. The words ‘tribe’ and ‘ethnicity’ are conspicuously absent from the peace talks.
The settlement will bring much needed credibility to the Kenyan government. Last week it was reported that the state sanctioned violence in Kenya during crisis.
The government is said to have hired tribal cult members organized officially as ‘Mungiki’ whose first mention in Kenyan media was their attempt to forcefully circumcise all men in Kenya.
The Mungiki were apparently let loose in the central town of Eldoret where some of the worst violence occurred.
Hit and run
If Kenyan leaders are reckless, you have to spare a thought for Kigali City Executive Secretary Peter Claver Uwimana. Uwimana had the misfortune of knocking down pedestrian Theophile Gatare. Uwimana abandon ed Gatare in the middle of the road in Mulindi Township.
Gatare was no ordinary pedestrian; the 51 year old was working with telecom giants RwandaTel and was also a founding member of the Liberal Party.
After knocking down Gatare, Uwimana is reported to have driven off; no attempt was made to assist the man he had knocked down. But moments after he had driven off, Uwimana returned without the car, posing as a witness to the scene. Uwimana has surely watched one too many movies!
A future federal state
On the brighter side of this week’s news, the road to the East African Federation is looking well paved. Last week President Paul Kagame launched national public dialogue concerning the formation of the East African Political Federation and its fast tracking.
A 12 member taskforce representing the country’s diverse sectors will conduct sessions in which all sectors of Rwandan demographic groups will contribute their views.
The EAC aims to create a harmonious system of development of the five member countries through establishing a uniform customs union, common market, single monetary unit and eventually a federal state.
Ends