BRD finances Nyabugogo coop to develop Rwf5.5 bn complex

Traders in Nyabugogo have a new business complex to run their enterprises from following the completion of a Rwf5.5 billion complex in the suburb. The complex developed by Inkundamahoro Cooperative, was partly financed the Development Bank of Rwanda (BRD), as part of the bank’s Rwf130 billion credit schemes extended to small and medium enterprises in critical areas like affordable housing, agriculture, energy and education. The complex will be ready by June or July this year for the traders to move. Alex Kanyankole the CEO of the bank said that the complex will provide adequate space in line with the City of Kigali’s Master Plan for members of the cooperative who operate varied retail ventures. Alex Kanyankole on a guided tour of the cooperative. (Courtesy) He urged traders across the country to work under cooperatives to seek financing from the bank, adding that it would position them for faster growth, facilitate the creation of more jobs and give assurance that they will pay back the loans. He said that the bank has a target to extend their lending portfolio to over Rwf 350 billion in all sectors of the economy. Silver Karera, the Chairman of the Inkundamahoro Cooperative said they were optimistic that the building will be fully occupied ensuring that they would pay back the bank as agreed. “Our business plan was sound when we submitted our loan application to BRD. We believe it will be profitable given the nature of the stalls that will allow traders to rent for their businesses,” he explained. BRD has financed similar structures in Gakinjiro and Gahanga in Gasabo and Kicukiro districts among others. editorial@newtimes.co.rw

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BRD finances Nyabugogo coop to develop Rwf5.5 bn complex