Through its investment loans, Bank of Kigali Plc backed the construction of GLADS Apartment Hotel located in Ndera Sector, Kigali. The establishment was officially unveiled on Tuesday, December 30. The bank injected over Rwf2.5 billion into the project, showing BK’s strong commitment to developing Rwanda’s real estate and hospitality sectors, supporting locally owned businesses, and promoting private-sector growth in line with national economic goals. GLADS Apartment Ltd is a Rwandan hospitality company established in April 2019 by Wilson Gafurama and his wife, Aileth Gakwaya. The company was created to manage and operate their apartment and rental housing investments. The newly opened GLADS Apartment Hotel has a total of 37 apartments and 70 rooms. It is built to welcome both short-stay and long-stay guests, meeting the growing need for quality accommodation in Kigali’s fast-growing residential and business areas. The hotel offers many services and facilities, including meeting rooms, fully furnished apartments, a bar and restaurant, a coffee shop, a supermarket, a gym, a swimming pool, a jacuzzi, a sauna, and massage services. GLADS Apartment Hotel also has a large conference hall that can host events such as conferences, concerts, weddings, live recordings, and collaborations. Full wedding service packages are available, with seating for over 1,500 people. The hall’s layout can be arranged or adjusted according to the purpose of the event, and guests are welcome to enjoy its affordability and the unique services it offers. “We are happy that GLADS Apartment chose Bank of Kigali. Working with the bank requires strong capacity and preparedness as well,” said Darius Mukunzi, Head of SME at Bank of Kigali. “This is a local initiative by a Rwandan. If he manages to do it, then others can do it too. BK offers investment loans that can be repaid over 10 years, and they are accessible to everyone. The challenge is that many people do not know this is possible,” he explained. Mukunzi noted that the bank is ready to provide financial advice to encourage Rwandans to take on large investments like the one launched. He added that BK is the leading local bank financing major projects, prioritising Rwandans first. “We are proud to serve Rwandans, and our doors are open to everyone. Across our branches, we have business specialists and offer all types of loans, both short- and long-term. Anyone with an idea should not hesitate to approach us, we will welcome them warmly,” he said. Financing of GLADS Apartment Hotel follows several other real estate projects funded by Bank of Kigali this year. It reflects the bank’s strong commitment to supporting residential, commercial, and hospitality developments. Through locally financed projects, BK continues to empower local entrepreneurs and family-owned businesses, create jobs, support urban development, and strengthen Rwanda’s investment environment while promoting private-sector–led economic growth. Wilson Gafurama, founder and chairman of GLADS Apartments, explained that the locally targeted project is like a long-awaited child born out of purpose. He said it required a strong vision that has now become a reality and is ready to serve the wider community. “The project took only one year to complete. We need to step up and trust financing institutions that have been strengthened by good governance,” he said. “All they need is a clear and well-presented idea. We should not condemn banks, especially when some borrowers fail and their properties are auctioned. That is the bank’s last option. There are many more success stories than a few failures.” Gafurama warned that loans should not be used for personal luxury or purposes that do not generate profit. Instead, they should be invested strictly in business, as that is the only way for a loan to achieve its intended purpose. “I thank the Bank of Kigali for financing my projects. Their support contributed a lot. Anyone who helps you complete your project and achieve your dream is an important partner. They truly care about their clients,” he said. “Not everything should be owned by foreigners. That has been the case in the past, but things have changed. Foreign investors have often succeeded by working with banks and taking risks, and they have reaped the benefits. Today, we have good governance that encourages us to work hand in hand, and there are many opportunities we must seize on the spot,” he added. Alphonse Safari, Quality Management Specialist at Rwanda Development Board (RDB), commended the initiative and the continued collaboration between investors and the government. He noted that such a facility in hospitality and tourism demonstrates projects that serve as pillars for the country’s development, as it contributes directly to economic growth. “It has already created jobs for many people,” he said. “Taxes will be generated, innovations encouraged, and suppliers, hospitality players, and others will benefit. We need such collaborations to continue utilising available resources for collective development.” GLADS Apartment Hotel began operations in July and has so far created over 90 jobs.
