Editor,

THIS letter is with reference to Saul Butera’s news story titled "BCR profits up 35.2 %” that appeared in the yesterday’s issue of The New Times.

Kudos to my fellow Indian , Sanjeev Anand , Managing Director of BCR and his team for bringing about a major turn around within the bank and recording a huge increase of 35.2 % in net profit for the quarter April to June 2011.

A healthy banking sector definitely stimulates growth and we can see this happen in Rwanda with this  great performance by BCR and also a sharp increase of
52 % in the share price  of Bank of Kigali’s shares ,which closed in yesterday’s trading at Rwf 190 as against the IPO price of Rwf 125.

The fact that BCR has increased its lending mainly to SMEs also goes to show that the level of confidence for financing to this sector has increased and this will surely result in an overall growth in the economy.

The support given to the industry by the Rwanda Private Sector Federation , the Rwanda Development Board and above all by the various concerned
Ministries needs to be applauded.
 
Clarence Fernandes
Chairman
Rwanda Renaissance
         and
Co-Chairman
Travel & Tourism Committee
Indian Merchants’ Chamber