Editor,

THIS letter is with reference to your story titled "BCR profits up 35 percent that was published last week.

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 percent 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 percent in the price of Bank of Kigali’s shares, which closed in last week’s trading at Rwf 190 against the IPO price of Rwf125.

The fact that BCR has increased its lending mainly to SMEs also shows 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 is paramount.

Clarence Fernandes

Chairman

Rwanda Renaissance

And Co-Chairman
Travel & Tourism Committee
Indian Merchants’ Chamber