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ralise the registration of land titles to ease the acquisition of land plots;

2.10. EVOLUTION OF HOUSING SECTOR IN RWANDA

The National Bank of Rwanda ( Banque Nationale du Rwanda) is the central bank of Rwanda. The bank was founded in 1964 and is quartered in Kigali; it operates Rwanda's principal securities exchange, the Rwanda Over The Counter Exchange.

The central bank, whose name is abbreviated to 'BNR', evolved step by step [31] :

Royal Decree of 27th July 1887 establishes the franc as the money of account for the Independent State of Congo, and Rwanda is included as well.

Heligoland Agreement of 1890 puts Rwanda and Burundi within the German sphere of influence in Africa; the German East African rupie is the official currency; circulation of the French franc continues nonetheless.

As a result of Belgium's actions, the Belgian Congo becomes a member of the Latin Monetary Union in 1908.

Bank of Belgian Congo established in 1909.

Bank of Belgian Congo issues its first banknotes in 1912.

Rwanda and Burundi attached to the Congo Franc Zone following Germany's defeat in World War I; 1927

Colony of Belgian Congo and the Bank of Belgian Congo create a new relationship; 1927 – 1952

World War II era: temporary involvement of the Bank of England; Congo franc is listed in London.

Belgian Congo and Ruanda-Urundi Central Bank (BCCBRU) 1952 - 1960

Banque d' Emission du Rwanda et du Burundi (BERB) / (Issuing Bank of Rwanda and Burundi) - 1960 - 1964

Royal Bank of Burundi (BRB) and the Banque Nationale du Rwanda (BNR) open in 1964.

2.10.1. RWANDA HOUSING BANK (RHB)

The bank was opened in 1975, as housing finance institution as well as a real estate developer. HBR was registered as a limited liability company. On 2nd July 2004, the National Bank of Rwanda, the country's Central Bank, granted HBR a Provisional License to operate as Housing Bank. The license was contingent upon the institution raising its share capital to the minimum of US$2.65 million dollars, to comply with the current banking laws in Rwanda. [32]

On 25th February 2005, the shareholders of Banque de l'Habitat du Rwanda (BHR), held an Extra Ordinary General Meeting and decided to increase their share capital to the required minimum, to change their name to Housing Bank of Rwanda and to change their mission from a mortgage company/real estate developer to a Commercial Bank that specializes in Housing Finance. In that meeting several points were discussed:

-increase of share capital

-changing of the corporate name

-Amending the Memorandum and Articles of Association

2.10.2. Increase in Share Capital

On 2nd July 2004, the National Bank of Rwanda granted BHR a Provisional Licence to operate as Housing Bank. The Definitive Licence was subject to increasing share capital in accordance with BNR instruction n° 05/99 of 14/10/1999 relating to legal and financial prerequisites for Banks and Financial Institutions. This instruction sets the minimum share capital for commercial banks at 1,500,000.000 Frw. [33]

In conformity with the BNR instruction n° 04/99 of 14/10/1999 relating to classification of banks and other financial institutions, BHR this day ad