Trade relations between Turkey and Rwanda are steadily growing as more Turkish businesspeople show interest in investing in the East African nation, a Turkish diplomat said Monday.
“Rwanda’s business friendly environment, political stability, its adherence to rule of law, principle and existence of strong institutions have attracted more interest from Turkey in the recent years,” Burcu Cevik, Turkey’s ambassador to Rwanda, told Anadolu Agency in an interview.
She said more Turkish businesspeople are showing interest in both trading and investing in Rwanda that is ranked Africa’s 2nd easiest country to do business, according to the World Bank Index.
Turkey’s investments in Rwanda are mainly in the energy, construction, and education sectors, Cevik said, adding others are in the health, manufacturing and hospitality sector.
Some of these investments date back to a decade ago, while others are new investments.
“Total amount of Turkish investments has reached $400 million, constituting 13% of FDIs [Foreign Direct Investments] in Rwanda,” the envoy said, noting that the total amount of Turkish investments was recorded at $13.5 million in 2019 alone.
She said Turkey’s biggest investments in Rwanda is by Hakan Mining and Electricity Generation Inc., currently completing construction of a Peat Power Plant 80 MW capacity in the Southern part of the country.
“It is the single biggest foreign investment in Rwanda so far. The agreement was signed in 2017,”Cevik said.
Once construction is complete, the peat plant will be a major input for meeting Rwanda’s energy requirements and targets.
The diplomat also said she had learned that one of the biggest hot air balloon companies operating in Cappadocia region in Turkey is planning to start an investment in Rwanda.
“They will bring made-in-Turkey balloons and operate them here with Turkish pilots,” the envoy said, adding they told her that they will begin test flights soon.
“This will be a major input from Turkey in the tourism sector of Rwanda,” she added.
Monumental buildings in Kigali
Cevik further said Turkish construction company Summa built two monumental buildings — the Kigali Convention Center and Kigali Arena — in the capital.
She said Summa has also completed renovating one of the university buildings in Kigali.
“More projects and investments are expected for 2021,” the diplomat noted.
The envoy further explained that more Turkish investments in Rwanda are in the manufacturing sector of furniture, construction materials, water treatment, household goods and personal use hygienic products — including baby diapers.
Cevik also said Rwanda is a unique country which has been able to quickly overcome its history of a genocide and transform to achieve so much in terms of economy, peace, stability and politics, among others.
“The rapid and impressive progress that Rwanda has displayed within the past 26 years after the 1994 Genocide against the Tutsi is being appreciated and followed with contentment by Turkey,” she revealed.
Turkey and Rwanda enjoy good diplomatic relations. Although Turkey established its embassy in Kigali only in 2014, bilateral ties are at their best.
The two countries have already signed 20 cooperative agreements in fields ranging from education to trade and investment.
Germany, Rwanda Sign Rwf90B Financing Agreement
Finance Minister, Dr. Uzziel Ndagijimana, and the Germany Ambassador to Rwanda, Dr. Thomas Kurz, today signed two agreements worth € 78 million (Approximately Frw 90 billion).
The financing and technical cooperation agreement is the outcome of the Inter-Governmental Negotiations that were concluded last Year between our two respective Governments.
59 million Euros of the grant agreement will be provided through KFW Development Bank and will support various initiatives including technical and vocational training, promotion of export oriented SMEs, through the support to Export Credit Facility in Rwanda under BRD, promotion of green investments as well as ICT support.
The remaining Euros19 million will be channeled through GIZ and will support decentralization and good governance, prevention of sexual and gender based violence among others.
Speaking after the signing event, Minister Ndagijimana said the financial support extended to Rwanda will support key areas that are critical to the attainment of the country’s development objectives.
“This support comes at a critical juncture given the effects COVID-19 has had on our social –economic advancement. We look forward to boosting these important areas that are in line with our National Strategy for Transformation. We thank Germany for the strong cooperation and solidarity especially during the COVID-19 pandemic,“ Minister Ndagijimana said.
Ambassador Kurz stressed: “These Agreements underline the long-standing and proven cooperation between our two countries based on friendship and mutual trust. Germany is committed to support Rwanda in its Economic Recovery Process and the implementation of NST 1 in order to reach the SDGs and to leave no one behind.”
The Division of Labor allows Germany development cooperation programme to be active in Education (including TVET); Decentralization and Good Governance, Private Sector Development and Youth; Public Financial Management (PFM); Financial Development. Germany also supports Regional Projects: Centre of Excellence for Health, Improvement of the Investment Climate, Microfinance sector-MIFSSA, ICGLR and Energy.
Malawi Issues 86 Licenses For Cannabis Production
Malawi’s Cannabis Regulatory Authority said on Friday they had issued 86 licenses to 35 companies and cooperatives to venture into cannabis cultivation for industrial hemp production.
Boniface Kadzamila the Board Chairman of Cannabis Regulatory Authority made the announcement from Lilongwe on Friday afternoon.
He said that a total of 41 companies applied but only 35 of them satisfied the requirements.
According to him the authority has issued licenses for cultivation, processing and storage and has not yet issued any license for export of cannabis.
A recent analysis by Invegrow Limited, one of the firms that conducted research on industrial hemp, found that a kilogram of industrial hemp could fetch U$1,444 on the market that there is potential for direct annual benefit for Malawians in excess of U$ 135,440,973 on 16.5 hectares or U$8,803,663 per five hectares.
The analysis further indicated that the crop has ready markets whose global value chain is worth U$9billion thus giving local Malawi investors a basis to take up cannabis production.
ex-Nakumatt CEO’s Home Auctioned
Atul Shah, the former chief executive officer of the collapsed retail giant Nakumatt lost his home to auctioneers over a U$18,609,740 debt.
The auction follows the conclusion of a protracted court battle after the Kenyan High Court dismissed a petition seeking to overturn the forced sale of the high-end property by KCB Group.
Justice Francis Tuiyott dismissed the petition by the administrator of the collapsed Supermarket chain, saying it has no chance of success.
Nakumatt’s court-appointed administrator had opposed the sale on grounds that the auction failed to follow the law, and tagged Mr Shah as an interested party to suit.
The bank, through Leakey Auctioneers, early in the year quietly sold the property, which Mr Shah had used as additional security as Nakumatt’s guarantor to offer comfort to the multiple bank loans.
“This court is not persuaded that the suit, as currently presented, demonstrates a prima facie case with a probability of success. Being unable to surmount that hurdle, it is needless for this court to discuss other aspects raised in the application,” the judge said.
KCB had earlier sold Mr Shah’s prime property in Industrial Area, Nairobi, to Furniture Palace International Ltd for about U$9,677,064 court records show.
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