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fication activities - including the development of green spaces - and to develop a national programme for the improvement and elimination of informal settlements of Rwandan cities: 'Rwandan Cities without Slums.'

Finally, the sub-sector is working to establish a development strategy for Rwandan cities, and continued actions for appreciation and promotion of local building materials for housing. [35] This is based on the need to facilitate a consultative dialogue, like the National Urban Forum, where local authorities, private sector and civil society can make their contributions to debates on sustainable urban development, urban planning, urban management and land management in Rwanda.

2.10.6. Rwanda Housing Bank merged to BRD

BRD acquired BHR officially on 26th April 2011 after the decision of the shareholders of both Banks in their respective extraordinary general meetings that took place on 31st March 2011. BRD second quarter performance demonstrates increased efficiencies inherited from the acquisition. The profit is on account of various factors such as more attention paid to resource allocation after the acquisition, which also included cost-cutting, and the cumulated total assets from both banks, which led to increased revenue.

Rwanda Development Bank (BRD) took full control of Rwanda Housing Bank (BHR) in a move aimed at boosting mortgage lending in the country. The takeover aims at transforming BHR into a mortgage re-financing facility, which will provide mortgage funds to other financial institutions. The acquisition will create a strong and better positioned bank to provide long term project loans, home loans, hence making it more competitive and profitable to serve the country. The decision to wind down BHR, which is valued at Rwf14 billion by assets, is part of the government's wider initiative to consolidate resources and build up institutions that can deliver more effectively on their mandate. [36]

With a combined asset value of Rwf72 billion, the move is expected to trim operating costs and strengthen shareholders equity of over Rwf25 billion in the two institutions.

Mortgage lending in the country is still small at between 15 and 20 percent of the Rwf420 billion consolidated loan book for commercial banks, according to the National Bank of Rwanda (BNR). [37]

2.11. RWANDA DEVELOPMENT BANK (BRD)

Rwanda Development Bank, commonly referred to by its French name Banque Rwandaise de Développement (BRD), is a government-owned development bank in Rwanda. The bank began its operations in 1967, as a long-term financial services provider, with the financing geared towards national development projects. As of April 2011, the total asset valuation of the bank was approximately US$122 million (RWF:72 billion), with shareholders equity of approximately US$42.3 million (RWF:25 billion) [38]

The period between 1967 and 1987 saw the institution invest heavily in automotive (pick-up trucks) finance and the finance of grinding mills. Between 1988 and 1994, the bank expanded its services to to the provision of loans in agro-industries, particularly tea and manufacturing, artisans and micro-enterprises. Between 1995 and 2000, the bank underwent re-structuring, re-organization and re-capitalization, to repair the damage incurred during the 1994 Rwanda Genocide. Since 2001, the bank has increased its focu