US 'concerned' by reports of Rwandan support for DRC rebels
August 10, 2022, 10:40 am

US 'concerned' by reports of Rwandan support for DRC rebels

Armed Forces of the Democratic Republic of the Congo (FARDC) soldiers rest next to a road after Islamist rebel group called the Allied Democratic Forces (ADF) attacked area around Mukoko village, North Kivu province of Democratic Republic of Congo. (Reuters)

Secretary of State Antony Blinken on Tuesday (August 9) said the United States was "concerned" by "credible" reports that Rwanda is supporting rebels in eastern Democratic Republic of Congo, the France 24 reported, citing the AFP.

The resurgence of the M23 group in Congo's restive east has exacerbated tensions between the neighbours, with Kinshasa accusing Kigali of backing the rebels.

The M23 insurgency is part of the fallout from the 1994 genocide in Rwanda. The group was formed in 2012 claiming to defend Congolese Tutsis, Kagame's ethnic group, against Hutu militias, the Anews reported, citing Reuters.

Since May, M23 has waged its most sustained offensive in years, killing dozens and displacing tens of thousands of people. By July, it controlled a territory in Congo almost three times as large as it did in March, a U.N. group of experts said.

Antony Blinken - Image Credit. Facebook page

Blinken was speaking in the Congolese capital Kinshasa, where he arrived on Tuesday (August 9) for the second leg of a three-nation African tour and met President Felix Tshisekedi.

Rwanda has previously denied accusations by Congo's government that it supports M23 and that it has sent troops into the country. M23 has denied it receives Rwandan support.

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"We are very concerned by credible reports that Rwanda has supported the M23," the top US diplomat told a press conference in Kinshasa.

"All countries have to respect their neighbours' territorial integrity," he added, saying he was "not turning a blind eye" and would discuss the issue with Rwandan President Paul Kagame.

Blinken said his trip to the region was to ensure US support for mediation efforts led by Angola and Kenya "to prevent further violence, to end conflict (and) to preserve the territorial integrity of the DRC".

The DRC is seeking international support as it struggles with Rwanda over the M23, a primarily Congolese Tutsi group that is one of many operating in the troubled east.

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In a 131-page report to the UN Security Council seen last week by AFP, experts said Rwandan troops had intervened militarily inside the DRC since at least November.

Rwanda also "provided troop reinforcements" for specific M23 operations, the experts' report said, "in particular when these aimed at seizing strategic towns and areas".

Kinshasa and Kigali have had strained relations since the mass influx of Rwandan Hutus accused of slaughtering Tutsis during the 1994 Rwanda genocide.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.