KIGALI - The investment arm of the Libyan government, Libya African Investments Portfolio (LAP), is keen on investing large sums of money in other sectors of the Rwandan economy.
The Chief Executive Officer of Rwanda Development Board, John Gara, revealed that the Libyans have hopes of exploring opportunities in mining, agriculture, real estate and tourism.
LAP has already invested in telecommunications and hospitality with the acquisition of controlling stakes in Rwandatel SA and Laico Umubano Hotel respectively.
“The amount of their investments may increase because they are still identifying more opportunities in the country,” Gara said.
The LAP delegation arrived in country on Monday to monitor and evaluate the performance of their existing investments and identify other possible ventures.
Khaled A. Kagigi, The Vice Chairman and CEO of LAP who headed the delegation, revealed that the investment group is set to construct 400 housing units in Kagarama, Kicukiro District.
“Construction will begin soon and it will be joint work between Rwandatel and LAP Constructions which is the construction arm under the Libyan Portfolio.”
Kagigi also explained that the Portfolio decided to invest in the housing sector because it is one of the “promising sectors in Rwanda’s economy.”
During their three day visit, the delegation also met with Prime Minister Bernard Makuza and the ministers of Finance and Foreign Affairs, and the managements of Rwandatel and Laico Umubano Hotel.