Talk of modern farming is futile without water

East Africa is currently experiencing plenty of rainfall (floods in some areas) after about five months of extremely dry weather.

East Africa is currently experiencing plenty of rainfall (floods in some areas) after about five months of extremely dry weather.

BRD has allocated Frw 16 billion for lending to agriculture projects this year, positioning itself as a leading source of funds for the sector that is so critical to the country’s economic growth but is perceived as highly risky by commercial banks.

Last year, the whole of Africa managed to attract a paltry 5.5% of the entire global foreign direct investment (FDI) projects. Even as this was a mere 1% rise from the previous year, optimists are touting this as being very positive and remarkable. I find it laughable.

Despite a lukewarm global economic outlook caused by the Euro Zone debt crisis, Rwanda’s economy will grow within the 7.7% range this year, powered by strong growth in sectors such as banking, agriculture and exports.

Shareholders in Bank of Kigali, Rwanda’s largest commercial bank by total assets and market share, have about Frw 4.3 billion to share following a hugely successful business year, 2011.

Technocrats in finance ministries must now be making final touches on the 2012/13 budgets of the five East African Community member-states to be read simultaneously some time in June .

Sudan and South Sudan remain in a state of war even as Juba hastily withdraws its troops from the disputed oil region of Heglig, amidst threats from Khartoum and with the urging of the UN seeking to prevent war.

So, as predicted in this very space about three weeks ago, the military coup in Mali came to nothing after the increasingly assertive West African economic bloc, the Ecowas, emphatically said “NO” to military and any form of unelected leadership.

Rwanda Commercial Bank (BCR) last week stepped up it campaign to impart finance management skills to small and medium enterprises with the training of another lot of forty business people.

Dr Donald Kaberuka, one of Africa’s finest economists, says Uganda, Kenya and other countries that recently discovered oil can avoid the so-called “oil curse” through prudent spending of windfall revenues from the resource.