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Brd Annual Report 2018

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Future Focused STEERING INNOVATION AND EXCELLENCE WHAT'S INSIDE 06 COMPANY OVERVIEW 06 Who we are 07 – 17 STRATEGY 07 Our strategy 08 Strategic Objectives 09 Our Business Model 10 Value Creation Model 14 Business Environment/Economic Outlook 18 – 38 CORPORATE GOVERNANCE 18 Chairman’s Statement DEVELOPMENT Bank OF RWANDA PLC (BRD) Annual Report was approved by the Board of Directors and signed 21 Board of Directors profile on its behalf by the Chairman. BRD does not discriminate 26 Chief Executive Officer’s Report on the basis of race, color, national origin, sex, religion, age or disability in the admission to, access to, or operations of 30 Executive Committee profile programs, services or activities. 31 Statement On Corporate Governance This Annual Report captures the strategic, operational and 36 Risk Management corporate outputs of the Development Bank of Rwanda in its mission to steer Rwanda in the best possible pathway for 38 Internal Audit sustainable development, for the year 2018. Report of the Auditor: 39 – 70 The Auditor’s report on the full accounts for the year ended 31 December 2018 was unqualified. SUSTAINABILITY REPORT All rights reserved. 39 Sustainability Report © 2018 Development Bank of Rwanda 41 Socio–Economic Impact Highlights Registered office & Principal place of business 64 Corporate Social Responsibility Development Bank of Rwanda Building 68 Stakeholder engagement KN 3 Ave, Boulevard de la Revolution P.O Box: 1341 Kigali, Rwanda www.brd.rw 80 – 152 FINANCIAL PERFORMANCE HIGHLIGHTS 80 Financial statement EXPLOREONLINE 81 Director’s report www.brd.rw 83 Report of Independent Auditor DEVELOPMENT BANK OF RWANDA ACRONYMS FUTURE. FOCUSED. AgDF Agaciro Development Fund BDF Business Development Fund BNR National Bank of Rwanda Powering up BRD Development Bank of Rwanda Plc CSR Corporate Social Responsibility Rwanda’s energy DFI Development Financial Institution EGF Export Growth Fund We have not only focused on our people but we have also focused on energy with emphasis on renewable energy. BRD has Frw Rwandan Francs invested largely in this sector through research and development. GCF Green Climate Fund GDP Gross Domestic Product we empower you GoR Government of Rwanda IDA International Development Association IFC International Finance Cooperation IFRS International Financial Reporting Standard k One Thousand KfW Kreditanstalt für Wiederaufbau MDBs Multilateral Development Banks MFI MicroFinance Institutions MINICOM Ministry of Trade and Industry MINECOFIN Ministry of Finance and Economic Planning MININFRA Ministry of Infrastructure NAEB National Agricultural Exports Board NPL Non–performing Loans NST National Strategy for Transformation OPEC Organisation of the Petroleum Exporting Countries PSF Private Sector Facility REF Renewable Energy Fund RHFP Rwanda Housing Fund Project RSSB Rwanda Social Security Board SDGs Sustainable Development Goals SEMs Social & Environmental Management System SACCOs Savings and Credit Cooperatives US United States of America VCF Value Chain Financing 4 ANNUAL REPORT 2018 DEVELOPMENT BANK OF RWANDA www.brd.rw COMPANY OVERVIEW OUR STRATEGY The Development Bank of Rwanda Plc (BRD) is Rwanda’s only national Development Finance Institution with the mandate to Our current strategy (2018–2024) is refined impact and create value for all our stakeholders. Likewise, support the development of the private sector with a focus on priority sectors aligned to the national strategic goals. The Bank from the previous 2016–2020 strategy following the Bank’s business model was refocused to encompass which marked 51 years in existence this year, has contributed to the country’s economic growth through financial and non– a deep–dive analysis of the implementation, the entire value chain rather than a narrow focus financial investments in key growth areas and progressively realigns itself to ensure relevance, competitiveness and sustainability redefinition of objectives and targets per priority on financing. To ensure that management becomes of its operations. The Bank offers short, medium and long term financing to small, medium and large enterprises at attractive accountable in delivering on the strategy, one of the rates through debt, equity and mezzanine instruments. sector and assessment of the Bank’s risk, people key initiatives that was carried out in the year under and knowledge management. review was design and development of an institutional scorecard using the balanced scorecard approach. This The Bank’s new strategic direction reaffirms its mandate to will be a crucial tool in strategy implementation as it will A trusted strategic partner To be an innovative and support private sector development by ensuring relevance, enable the development of a performance management for Rwanda’s development responsiveness and effectiveness of its products and sustainable provider of and measurement system. This will also help in the VISION MISSION that offers financial solutions services. implementation of strategic business transformation development finance for for enhanced value to our initiatives that are critical in unlocking potential for socio–economic impact During 2018, we reviewed our operating environment, provision of financial solutions. stakeholders assessed our organizational capacity and updated our corporate strategy towards 2024. In 2018, the Bank The Strategy is delivered through annual business plans adopted a new seven (7) year strategy 2018– 2024. Our with key performance indicators cascaded from the updated strategy is aligned with the government’s national Institutional Balanced Scorecard. The annual business VALUES STRATEGIC THEMES strategy for transformation (NST1) and the Sustainable plans are reviewed on a quarterly basis, taking into account Development Goals (SDGs), both of which are building any changes in the operating environment, systems and blocks of the Bank’s increased focus on socio–economic processes. Operational impact of its activities. To ensure even more clarity of the Bank’s strategic excellence We strive to While BRD’s strategy has delivered development impact, direction, the revised strategy saw the re–definition of the We are We are achieve balance sheet growth and stakeholder value since 2016, it Bank’s Vision and Mission as follows; is important that we understand and adapt to the mid–to– Passionate Innovative Excellence long term changes in our operating environment. f Vision: To be an innovative and sustainable provider of development finance for socio–economic impact Technologies, regulation, and markets are always changing, Strategic f Mission: A trusted strategic partner for Rwanda’s which means that the success parameters and business partnerships development that offers financial solutions for models along various sector value chains are expected enhanced value to our stakeholders to adapt to these changes. The key underlying trends Integrity We are being the increasing technology integration in financing We espouse in processes and how this will shape the Bank’s approach our activities Accountable to doing business, a focus on value creation and shifting Dynamic patterns in types and sources of funding for development culture projects. The Bank’s role is to catalyze private This is the backdrop of the need for the Bank to always sector funding to address sector specific deliver financial solutions that meet our customers’ needs. To reflect this reality, BRD’s 2018–2024 strategy update constraints and close access to finance STRATEGIC ENABLERS includes a new set of mid–term strategic objectives and gaps for viable and impactful projects. priorities. Developing Legal & Innovative Operational Financial Data & Developing BRD will continue to operate in its five key priority sectors our people Regulatory financial Excellence sustainability Business Strategic of Agriculture, Energy, Affordable Housing & Infrastructure, Framework solutions intelligence partnerships Manufacturing & Exports and Education where we believe the Bank will be able to deliver maximum development 6 ANNUAL REPORT 2018 ANNUAL REPORT 2018 7 DEVELOPMENT BANK OF RWANDA www.brd.rw STRATEGIC OBJECTIVES OUR BUSINESS MODEL VISION AND MISSION Improve financial TRANSFORMING VALUE performance and build economic competitiveness and BUSINESS VERTICALS / SECTORS sustainability Affordable Exports and Agriculture Energy housing and Education Manufacturing Infrastructure Build a customer Contribute to satisfaction culture Economic development through relevant (Socio–economic DELIVERY CHANNELS and competitive impact) with a focus on products and key growth MANAGEMENT service delivery areas Direct Financial Implementing Lending Institution Agencies Commercial GoR Agencies Private Sector Banks CAPITAL Strengthen SACCOs PSF, RSSB GOVERNANCE internal systems and & Development processes to ensure MFIs effectiveness of the Partners operations of the Bank PRODUCTS RISK Key Products: Others: Managed Funds: f Debt (Loans) f Guarantees f Export Growth Fund f Equity f Technical Assistance (TA) f Renewable Energy Fund (REF) f Matching Grant (EGF) f Affordable Housing Fund f Investment Catalyst (EGF) f Education Fund f Export Guarantee Facility (EGF) f Advisory Identify and develop the right human capital to deliver the Bank’s Sourcing of Earn income– Invest profits into Development investments Project manage opex Secure funding objectives reserves impact and (Analyse, advise Management and invest in from partners and business learnings and Fund) employees Strategic Partnerships Dynamic Culture Operational
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