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Role of social security fund scheme in enhancing the socio-economic development of Rwanda.

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par Rusibana CLAUDE RUSIBANA
Kampala international university - MBA 2009
  

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Table No4.10: Investment portfolio 2008

DESCRIPTION

2008

2007

Real Estate Kacyiru

263 520 000

263 520 000

UCT Building

570 893 600

565 610 000

Kacyiru Ex Appartement

5 185 221 624

5 185 221 624

Land For Development

14 144 784 793

4 373 440 628

Former USA embassy build

918 607 400

0

On-going Estates Projects

11 431 655 534

0

Mortgage Loans

3 733 131 026

4 618 759 174

Equity

17 434 551 585

15 029 582 398

Foreign Investment

10 903 419 565

0

Fixed deposits

2 000 000 000

12 424 720 300

Corporate loan (BRD)

2 709 431 374

3 638 345 196

Corporate Bond (BCR)

350 000 000

0

Treasury Bonds

58 203 306 491

64 801 306 491

Government Bond

267 062 500

0

Government debt

0

2 104 562 962

Total

128 115 585 492

113 005 068 773

Source: SSFR, Annual report, 2003-2008

In order to have a visible in the economy, SSFR uses the savings collected to attract other investors, hence initiating very big projects with huge economic potential that SSFR alone could not undertake. This is the main strategy SSFR uses to fundamentally contribute to economic growth and development.

Table No.4.10b SSFR shareholding as at 31st May 2009

Company

Company's

Equity

N° of

Shares

SSFR

Shares

Value of

SSFR shares

% of SSFR

Holding

SONARWA

4,551,428,571

50,000

8,125

739,607,143

16.25%

B.K

5,005,000,000

45,500

15,313

1,648,683,000

33.66%

B.H.R

6,431,866,976

64,319

22,512

2,251,153,442

35%

B.R.D

7,000,021,000

7,000,021

1,552,628

1,552,628,000

22.18%

RWANDATEL

2,420,000,000

242,000

48,400

484,000,000

20%

A G L

1,250,000,000

1,250,000

500,000

500,000,000

40%

R E I C

1,120,000,000

4,000

700

196,000,000

17.5%

R I G s.a

13,850,000,000

13,850

2,400

2,400,000,000

17.33%

ULTIMATE Concept

12,000,000,000

5,000

2,000

4,800,000,000

40%

HOSTELS 2020 sarl

3,000,000,000

300,000

120,000

1,200,000,000

40%

R.F.TZ

11,000,000,000

1,100,000

164,748

1,647,480,000

15%

KIGALI TILES CO

50,000,000

50,000

15,000

15,000,000

30%

R.F.I. CO.

8,900,000,000

 

 

6,675,000,000

75%

SAFARICOM

 

 

 

4,228,419,565

 

RWANDA DISTILLERY

7,458,400,000

7,458

1,492

33,376,742

20%

TOTAL

28,371,347,892

The total value of SSFR shareholding as at 31st May 2009 is Frw 28.4 bn. The details are shown in table 16 below.

2.7.1 Investment income

As pointed, the fund strives to preserve the real value of savings and this can only be achieved by putting in place measures to improve returns on investments and ensure that they are higher than inflation rate. In 2008, net returns on investment amounted to Rwf 7 bn. If the principal debt repayment is considered, the incomes generated from investments totals to Rwf 17 bn. The rate of return on investments in 2008 was 6.5%. Table 4 below shows the investment income realised from the different investment classes.

Because investment earnings are the Fund's most important funding source for its day to day operations, the Board has set an Investment policy solely in the interests of Fund stakeholders to ensure the Fund assets are managed roleively and efficiently in order to provide promised benefits for the Fund's beneficiaries. The Board believes that the projected pension benefits can best be met by having the proper long-term asset mix, including proper diversification as well as prudent management of risks. The Board's expectations for the Fund will be expressed in the «real rate of return». The real rate of return is the actual rate of return adjusted for the roles of inflation. The real rate of return provides the best measure of the growth in assets relative to Fund liabilities. A real rate of return of 2% will be used. The Board has adopted the following long-term fixed income/non fixed income asset mix policy:


· Fixed Income 50%


· Non Fixed Income 50%

The Board has developed this asset mix policy with a long-term view given its current funding status. A range of plus or minus 5% around the fixed income/Non Fixed Income split is judged to be reasonable and is not expected to prejudice the long-term policy mix. Management and the Board (through its Investment committee) have the discretion to make decisions respecting the Fund's strategic positioning within these ranges. Management will notify the Board should the fixed income/non fixed income ranges

be exceeded and develop a rebalancing strategy for the Board to Investment Department 8 November 2006 consider. To diversify risk and enhance expected returns, the Fund's fixed income and non fixed income investments will be allocated among the following major asset classes and maintained within the corresponding ranges as a percentage of the Fund's market value

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