Business round up

RwandAir acquires flying rights to Lusaka RwandAir acquired flying rights to Lusaka, a development that will lead to the carrier`s 7th destination after the Mombasa-Dubai flight planned to start on November 3.A statement from Lusaka said the Zambian government had authorised RwandaAir to launch a direct flight from Kigali to Lusaka. Rene Janata, the Chief Executive Officer, RwandAir said that the Lusaka route is a great opportunity for the carrier.The carrier is in an expansion program that has seen them acquire a fleet of two 737-800 Boeing aircraft, Two CRJ200s and two Boeing slated for delivery next year.Zambian’s Foreign Affairs Permanent Secretary, Lucy Mungoma, in the statement said that Zambian airline will also soon start flying to Rwanda. This was all during the opening of the Joint Permanent Commission meeting between Zambia and Rwanda, held in Lusaka on Thursday Gov’t to increase fuel reserves After Kenya Petroleum Refineries Limited (KPRL) announced plans to raise charges for processing crude oil, Government said will stock its fuel reserves so as to stabilize the fuel price on the local market. Starting January next year KPRL plans to adjust crude oil rates from $0.95 or Rwf555.7 to $1.35 or Rwf789.7 per barrel. Kenya accounts for more than 20 percent of Rwanda’s fuel supplies. Monique Nsanzabaganwa, Rwanda`s Minister of Trade and Industry told Business Times that the country has agreed a three-month period within which to make adjustments in relation to KPRL new rates. Visits to Nyungwe to triple after canopy launch After the launch of the canopy walk in Nyungwe National Park, Tourism officials are hopeful that tourists visiting the park will increase to over 13,000 in 2011 from 4,500. It is also believed that among other issues to boost the park activities is the new modern “Uwinka” interpretation centre at Nyungwe, which will give tourists a chance to learn exciting facts and images dedicated to the National Park and its surrounding communities, such as the complete skull of the last elephant that was killed in Nyungwe Park. According to Emmanuel Werabe, the official in charge of Quality Standards of Tourism at RDB, the canopy walk has successfully secured insurance from Phoenix Insurance Company and constantly gets checked by trained technicians to ensure that its safety is guaranteed. Kenya’s NMG to cross list early November Rwanda’s capital markets regulator said that Kenya’s Nation Media Group (NMG) is set to cross-list in Rwanda on the 2nd of November. The Capital Markets Advisory Council (CMAC) said that it follows approval after all necessary documentation was submitted recently. Olivier Kamanzi, deputy chief executive of the Capital Markets Advisory Council (CMAC), said that NMG would be introducing 157,118,572 ordinary shares each of the value of KShs 2.50 to the official list of the Rwanda over the counter Market (ROTCM). NMG, the largest media house in East Africa, will be the second company to trade on Rwanda’s over-the-counter market. Kenya Commercial Bank cross-listed in 2009. The cross listing in Rwanda will follow that in Uganda which was carried out after approvals by the Uganda Capital Markets Authority and The Uganda Securities Exchange (USE). Rwandatel to slash broadband charges Rwandatel is set to announce new charges on data and internet. The move will lead to a cut in the prices for end users. The move by Rwanda’s leading Internet Service Provider (ISP) is stimulated by the increased availability of rapid internet connection and data brought about by the company’s connection to various undersea fibre optic cables. Francis Egbuson, Rwandatel’s Chief Commercial Officer (CCO) said that “This is a direct response to the growing data and internet market in the country, which makes sense to reduce the cost to make it easily accessible, after achieving redundancy.” SSFR’s investment portfolio grows by 4% The Social Security Fund of Rwanda (SSFR) announced registering an increase in its investment portfolio to Rwf151.6 billion for the period ending June 2010 from Rwf146.1 billion in the same period last year. According to the statement from the public pension body the achievement enabled it to offer loans, real estate development and job creation. SSFR says that the investment in real estate soared from Rwf718 million in 2002 to Rwf56 billion as of March 2010. The pension body also projects that by 2017; Rwandans saving through the fund will rapidly increase, contributing Rwf344.9 billion in 2017 from Rwf26.2 billion this year. Crafts association seeks new sponsorship deal The cooperation for fair trade in Africa (COFTA) called on their biggest sponsor, Big Lottery Fund of the United Kingdom, to renew their three-year sponsorship deal that runs out next year. The United Kingdom fund had injected money into the local crafts association, managed under World Fair Trade Organization (WFTO) GBP 257,000 (Rwf238 million) - three years ago - but the sponsorship is running out. Donatien Mungwarareba, the project coordinator, Rwanda said that “We are very thankful to Big Lottery Fund for its sponsorship of our cooperation which has brought a positive impact to the members; and we request them to continue funding us.” This was during a five-day training workshop for COFTA members that took place at Hotel Isano in Gikondo. Promote modern payment systems—NBR Governor The Central Bank Governor, François Kanimba said that financial institutions must encourage the use of modern payment systems such as the card-based system because it is a necessary precondition for business development and economic growth. “Payment by means of cards contributes to stable macro-economic environment which positively impacts the efficiency of economic growth,” Kanimba said. He made the call during a press briefing on the card-based payment system in the country at the Banks’ office. The Governor said that the card-based payment system will keep money in the banking system, a move that increases liquidity and facilitates banks lending to the economy. PSF, India sign investment MOU As a way to increase the investment flow from India to Rwanda, Rwanda Private Sector Federation (PSF) and the Indian Merchants Chamber of Commerce (IMCC) signed a Memorandum of Understanding (MOU). The MOU was signed during the ongoing investment road shows conducted by a Rwandan delegation in India’s four cities of Mumbai, Ahmedabad, New Delhi and Bangalore. This is also expected to boost the two-way investment between Rwanda and India. Rwanda’s delegation discussed investment opportunities with more than 150 Indian investors, many of whom expressed interest in Rwanda because of its impressive track record and vision. Ends