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Prime Minister Edouard Ngirente will lead Rwanda's delegation that will take part in a Summit for a New Global Financing Pact in Paris, France, from Thursday, June 22 to Friday, June 23. The Minister for Finance and Economic Planning, Uzziel Ndagijimana, alongside other officials, will also participate in the summit.

The primary focus of the summit will be on green financing as a means to address the challenges posed by climate change, biodiversity protection, and the fight against inequality, all in pursuit of the Sustainable Development Goals (SDGs).

ALSO READ: Fueling green financing in Africa: Innovations from Rwanda

Co-organized by France and India, with India holding the presidency of the G20 this year, the summit will facilitate high-level discussions among Heads of State and Government, leaders of international organizations, representatives from civil society, foundations, funds, and the private sector.

The French Embassy in Rwanda said in a statement that, "Rwanda's high-level participation in the Paris summit demonstrates the country's commitment to improving climate finance architecture and sharing lessons from its own experience."

In 2013, Rwanda established the Rwanda Green Fund (FONERWA) to mobilize funds for both public and private green projects, which has successfully raised $247 million so far. The government's goal is for a minimum of 30 percent of total fund commitments to target the private sector. The fund has financed 46 green projects, resulting in the creation of 176,188 green jobs.

ALSO READ: Fonerwa wins top UN award for climate action

Furthermore, the fund serves as a government tool to mobilize climate finance and implement Rwanda's $11 billion climate plan from 2021 to 2030.

Last year, President Paul Kagame launched "Ireme Invest," Rwanda's green investment facility, with an initial capitalization of $104 million (approximately Rwf109 billion). The facility aims to drive private sector ventures in climate-resilient projects and employs a blended finance approach, including debt, credit enhancements, and collateral support for commercially viable projects in the green sector.

These innovative financing strategies will be among the key topics discussed at the Paris summit.

During an online press conference on June 20, Ombeline Gras, an Advisor on Global Issues to the French President, emphasized that "we do not have to choose between fighting poverty, tackling climate change and its impact, and protecting biodiversity. A just transition is the only answer."

Gras highlighted the urgent need to address the financing gap and expand the coalition of donors, given the crises of Covid-19, worsening climate change, and the world's pursuit of sustainable development goals.

The Secretary-General of the United Nations will also attend the Paris summit to advocate for a reform of the international financial system, which currently lacks the necessary tools to address present-day challenges. Countries in the Global South, despite contributing less to global pollution, face the greatest threats from the climate crisis.

Natural disasters in 2022 alone cost these countries over $300 million, severely impacting their economies. Consequently, the "great financial divide" continues to widen, leaving Global South nations more vulnerable to shocks.

Developing countries lack the necessary resources for recovery, climate action, and the achievement of the Sustainable Development Goals, further exacerbating their setbacks and diminishing their potential to benefit from future transitions, including the green transition.

ALSO READVulnerable Africa faces heavy climate finance shortfall

According to Secretary-General António Guterres, the global financial system, which manages around $300 trillion in financial assets, is inadequately equipped for its current purpose.

"Today's poly-crises are compounding shocks on developing countries—largely due to an unfair global financial system that is short-term, crisis-prone, and further exacerbates inequalities," Guterres said.

The Paris summit is one of many international events scheduled throughout the year, including the G20, the SDG Summit, and COP28. By , The New Times

The UK’s inflation rate is remaining stubbornly high, with prices for food, dining out and other recreational activities continuing to rise.

Inflation, which measures the pace prices rise at, was 8.7% in the year to May, the same rate it was in April.

Price rises for flights and second-hand cars last month all contributed to prices remaining higher than expected.

The Bank of England is expected to raise interest rates on Thursday in a bid to slow prices from rising as fast.

Part of the Bank’s job is to keep inflation at a target rate of 2% – far lower than the current rate of 8.7%.

It has been steadily raising interest rates since the end of 2021, which make the cost of borrowing money more expensive, in response to consumer prices soaring.

This has led to concerns over loans, particularly mortgages, with homeowners facing large increases in repayments when fixed-term deals come to an end.

Chancellor Jeremy Hunt said the government would “not hesitate” in its resolve to support the Bank, which is an independent institution, as it “seeks to squeeze inflation out of our economy”.

Many households have also already been feeling the pinch of higher prices, in particular for food and energy for months.

Food price inflation, which is the rate at which prices for groceries have risen compared to the year before, was 18.3% in May, down slightly from 19% in April.

But Yael Selfin, chief economist at KPMG UK, said despite a “modest easing” of food price inflation, prices for all consumer goods continuing to rise at a fast pace piled the pressure on for more interest rate hikes.

“More worryingly for the Bank of England, strong core inflation suggests that firms may now be passing on the rising costs from higher wage bills to consumers,” she said. KBC

 
One of some pictures showing how Kinyarwandaphones undergo severe torture in eastern DR Congo. Courtesy 

Nothing is normally expected from the so-called UN Group of Experts and their periodic reports on the situation in the eastern DR Congo. They always bring regurgitated, unsubstantiated narratives that look more keen to pin Rwanda than offer practical solutions to insecurity challenges in the neighbouring country.

Most importantly, these reports labour to sanitise the inefficiencies of both the UN and the Congolese government.

ALSO READ Rape as an instrument: FDLR’s weapon of choice

However, they took it a notch higher this time round, when in their latest report, they accused M23 of “exploiting the genocide narrative and creating a dangerous fertile ground for fear mongering, hateful discourse and violent reprisals, including killings, against the above-mentioned communities by those who opposed the M23".

This is the lowest this group has probably sunk. They also accuse Rwandan authorities of the same, again claiming that this could trigger widespread ethnic violence.

It is ironic that in the same report, they accuse the government of DR Congo of working with FDLR – a sanctioned terrorist group founded by genocidaires after fleeing Rwanda – which has continued to wreak havoc in the neighbouring country, where they target citizens of Tutsi descent.

However, the most surprising thing is that they mention this alliance in passing, as if it is a marriage made in heaven.

Millions of members of this community have lived in constant suffering for close to three decades. Hundreds of thousands of them have lived as refugees in neighbouring countries including Rwanda for decades, but members of the Group of Experts are happy to reduce their plight to fear mongering.

Since last year, the renewed call for extermination of this community – which government officials have openly called foreigners – has been a matter of public record.

ALSO READ: How many foreign forces are in DR Congo?

Social and mainstream media outlets have been awash with stories of lynching of members of the same community without any sort of reproach but the UN is without any sort of shame reducing all this to fear mongering by M23!

The report turns a blind eye to the sporadic killings of innocent civilians in areas that were vacated by M23 in respect of a region-led peace initiative which Kinshasa has completely refused to honour.

Such reports only paint a grim picture on the prospect of peace in eastern DR Congo, especially at a time when reports point to continued regrouping of government forces and their allies – including FDLR and mercenaries from Europe – to launch major attacks against M23.

This only reinforces the case that the solution to Congo’s problems will come from elsewhere but certainly not the UN, which has for over two decades maintained its most expensive peacekeeping operation with nothing to show for it. The New Times

The outage was a result of American Towers Corporation (“ATC”) disconnecting the Smile network illegally contrary to ATC’s license obligations

Smile (www.SmileComs.com), the pioneering provider of 4G LTE services in Uganda and East Africa, has experienced a service outage since January 31, 2022. For this, Smile wishes to sincerely apologise to its valued customers and the general public. It acknowledges that this update should have been provided earlier, however, it deemed it imperative to first await the conclusion of certain legal processes before sharing these details. 

The outage was a result of American Towers Corporation (“ATC”) disconnecting the Smile network illegally contrary to ATC’s license obligations, industry best practices, and most importantly, the well-being of the Ugandan people.

Previous to that, Smile had been involved in commercial disputes with ATC since 2018 on matters related to discriminatory pricing practices, as well as unfair and illegal power billing practices where, in Smile’s case, ATC was collecting around fifty percent more than the tariffs set by the Electricity Regulatory Authority of Uganda. These disputes were duly referred to arbitration in accordance with the underlying contracts. Smile has continued with legal action against ATC, challenging their service shutdown and refusal to return its equipment

The arbitration process, initially scheduled by both parties and the arbitrator to conclude in June 2021, extended into 2022. While the resulting award was in ATC’s favour, immediately, without any notice after the issue of the arbitral award, on January 31 2022, ATC proceeded to disconnect Smile's sites, leading to a complete shutdown of Smile's 4G LTE services by February 1, 2022.

Following the disconnection, Smile pursued legal action by applying to the High Court to set aside the arbitral award. The High Court ruling, handed down on April 11 2023, granted Smile's application and set aside the award, citing delays in the issuing of the award and concerns about the arbitrator’s partiality. To date, ATC has not appealed the ruling.

While the pre-and post-arbitral award legal processes were running their courses, Smile attempted settlement negotiations with ATC but faced unyielding inflexibility from the latter. Consequently, Smile terminated all contracts with ATC and requested the return of its equipment to resume its services with an alternative Tower partner. However, ATC has been adamant, effectively continuing to illegally and with impunity hold Smile hostage.

ATC’s actions have caused significant damage to Smile's investment in Uganda, amounting to approximately USD 120,000,000. ATC’s actions have not only impacted Smile's operations, denying the consumers a credible service, but have also affected jobs and livelihoods dependent on Smile's presence in the market.

It is worth noting that nowhere in the African and/or the International Telecommunications industry have such actions been allowed, it is indeed unprecedented.

Smile has continued with legal action against ATC, challenging their service shutdown and refusal to return its equipment. The company is committed to pursuing justice and restitution and expresses its sincere gratitude to its loyal customers and the public at large for their support throughout this process. Further updates will be provided in due course as Smile keeps hope high that once this matter is resolved, services will be restored.

 

Distributed by APO Group on behalf of Smile Communications.

Likoni MP Mishi Mboko at a past event. Image: AURA RUTH

Said the press are the watchdogs of the people and the CS should not interfere with their work.

In Summary

• On Monday, media stakeholders condemned CS Kuria saying that his actions and utterances should promote a positive image of Kenya as a nation.

• EACC in particular rubbished Kuria’s threats that he will sack any state officials who would dared to place government adverts with the media organization.

 
 

Likoni MP Mishi Mboko has criticised Trade CS Moses Kuria over his utterances in an apparent attack against Nation Media Group. 

She said Kuria's act of calling out the public to go against the media station is shocking and disgraceful.

“I think CS Moses Kuria should realize that the media is not there to please him. Demanding that the government should boycott NMG is outrageous,” Mboko said. 

She added that the media are the watchdogs of the people and therefore the CS should not interfere with their work.

“The media is the eyes and ears of the people, so what is he trying to hide from the people?” Mboko asked.

The attack by the CS followed an expose by NTV, a station under the Nation Media Group.

NTV alleged that Cabinet Secretaries engineered the drop in the price of edible oils, a move that made the taxpayer lose about Sh5.6 billion.

On Monday, media stakeholders such as the Kenya Editors Guild, Kenya Union of Journalists condemned CS Kuria saying that his actions and utterances should promote a positive image of Kenya as a nation.

They also called on President William Ruto to act following the remarks, adding that leaders are the mirrors of society.

EACC in particular rubbished Kuria’s threats that he will sack any state officials who would dare to place government adverts with the media organization. 

In a statement, EACC Chief Executive Officer Twalib Mbarak said no public institution or public official should be victimised for engaging in any lawful dealings with any organisation, including in the award of tenders. By Lucy Mumbi, The Star

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