GIC elects new board

The Gasabo Investment Company (GIC) has moved a step towards fulfilling its goals by electing a new board.
Irame (left) is the board VP, while Ngoga is the chairperson
Irame (left) is the board VP, while Ngoga is the chairperson

The Gasabo Investment Company (GIC) has moved a step towards fulfilling its goals by electing a new board.

The firm elcted the Gasabo District Private Sector Federation boss, Fabrice Shema Ngoga the board chairperson during its general assembly last week.

He will be deputised by Iza Irame, the African Alliance Rwanda general manager, who will also be in charge of administration and finance.

The vice-chairperson in charge of corporate services is Eng. Theoneste Murenzi, while Hadija Murangwa Ndangiza was elected the general legal counsel.

Four other shareholders, John Bosco Mugabe, Margaret Abahuje, Laurent Mugabo and Leandre Cyusa, were elected to the advisory committee. Gasabo District will soon nominate two others to manage its interests since the public company will operate under a public private partnership (PPP) framework.

The board’s mandate runs for three years.

Ngoga has been on the firm’s interim steering committee. He told the general assembly after the election that it was the private sector role to steer the country’s development objectives.

The company, which was launched in July, aims to spur economic development in the district and encourage Rwandans, home and abroad or foreigners to buy shares. “The purpose of this company is to strengthen public-private partnership. We have enormous investment opportunities in the district,” noted Shema.

He said in the next seven years, the company plans to implement three mega infrastructure projects, construction of the Gasabo shopping mall estimated at $40m, residential houses for small-and-middle income earners, $80m, and warehouses that will cost $10m.

Shema said they also plan to build low-cost houses costing between Rwf25m and Rwf35m.  The projects will be implemented in phases, subject to the availability of funds. The mayor of Gasabo district, Willy Ndizeye, pledged to support the nascent company.

The Gasabo mall – an ultra-modern three-storey market – will be built in the area currently occupied by Kimironko Market.

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