President Kagame points to one of the features of the new Radiant Building. Photo/Eric Ruzindana, KT Press.
President Paul Kagame says the Government of Rwanda, within its means will continue to support private sector initiatives that contribute to national development, including infrastructure and property development, as one of the ways to stimulate growth.
The Head of State made the commitment on Thursday while inaugurating a building valued at Rwf22bn completed by local insurance company Radiant in the Central Business District of Kigali.
President Kagame, who played a role in allocating the insurance firm a piece of land to facilitate the construction, said that the government will continue to do what it can to support such initiatives which stimulate private sector growth but also contribute to nation building in different ways.
He hailed businessman Marc Rugenera, his partners and shareholders for delivering the project which started in 2019 but suffered delays due to the Covid-19 pandemic. The building has a total of 12 floors, three of which are parking spaces.
“This building is just an example but behind it there are other works which you have been involved in and I am pleased to say that it makes us even more proud. That is what we wish to see for the country, we want to see more business growth,” President Kagame said.
“This is just an example of what is possible. The fact that I came here to join you in inaugurating this building, is not only to support you but also for a building like this to serve as an example of what we can do, either in projects like these or in various other activities that are possible within our means.”
President Kagame and Radiant CEO Marc Rugenera inaugurate the 12 floor building on Friday.
“To say that we were involved in making these achievements possible, by helping to move you from where you were and come here, which helped in expanding your activities and building an even bigger building, that is our responsibility. If we could do more, and for others, and elsewhere, it would make us happy,” he added.
He emphasised that it is the responsibility of the government or the different institutions to support businesses where possible, in a way that would stimulate or promote growth and development in various areas, including by putting in place the right policies that support such investments,” President Kagame said.
In response to some of the challenges earlier mentioned to him by Rugenera, which insurance businesses like Radiant face, President Kagame directed different institutions to follow up and know where to support, to ensure that they are sustainable.
President Kagame said that it is the duty of the government to stand in the gap and support initiatives that promote private sector growth, and such challenges that affect businesses can be addressed in the shortest time possible.
President Kagame pledged more government support to private sector initiatives that contribute to development.
“Everybody has something to do, on the side of the private sector and on the side of the government. There is something we can do to ensure that such investments and businesses are supported to ensure that any challenges they meet are tackled,”
“There is so much that can be done to drive such investments. This is just one one example, but it shows us what is possible or what can be done to promote growth and development,” President Kagame said, adding that it is even better when such initiatives turn out well, because the quality and standard is not always guaranteed.
The Head of State said that in some cases people who are supposed to work on such initiatives do not do it, either out of carelessness or lack of responsibility, which can be frustrating, but added that the necessary follow ups have to be made to ensure that the expectations are met.
He commended Rugenera and co., for delivering a project of that quality, adding that in most cases he criticizes such projects when they are not well done or when they do not meet his expectations, promising to visit the facility again in future when it is fully operational.
Radiant Board Chair, Francois Régis Kabaka said that the company, which was founded in 2013 had been able to grow and flourish due to a combination of things, including support from the government, strategic investments by owners and shareholders as well as hard work by staff.
On his part, Rugenera, the founding CEO of the multibillion company, thanked President Kagame for supporting them in different ways, including advising on the location of the new multi-storey office building which adds to Kigali’s evergrowing skyline.
The new Radiant building.
“The fact that you accepted to join us for the inauguration of this building goes to show your commitment and support to private sector development and the development of Rwanda in general,”
He said the building will have nine floors of office space, which will partly house Radiant Insurance headquarters while the World Bank and the International Finance Corporation (IFC) has also booked space.
Rugenera said that Radiant started in 2013 with a starting capital of Rwf1bn and it has since been able to grow to Rwf6.5bn working capital and assets value at more than Rwf9bn.
“The increase in the value of assets shows the confidence that investors and our customers have in us. In 2023 alone, we collected 17.5 billion from insurance clients, which shows that we are in a good position in the insurance market,”
“The same year we were happy to pay over Rwf11bn in insurance compensation to fulfill our commitment to provide our clients with appropriate cover and compensation, as we should,’ Rugenera said.
He pointed out that in 2019 Radiant started “Radiant Yacu’ to cover less privileged groups such as ‘moto taxi’ riders and the company has since stretched its reach to align with other insurance companies across the continent. Today, Rugenera said the company has partner insurance companies across the continent and the globe.
