MUHANGA – Residents of Mushishiro sector in Muhanga district have agreed to form an investment group in a bid to eliminate poverty and promote existing development activities.
The Mushishiro Investment Group was established on March 28, during a meeting held at St. Kizito parish in Munazi cell.
The vice Mayor of Muhanga, Alice Uwimbabazi, officiated at the official launch during which residents bought over Rwf3.9m of shares.
Uwimbabazi commended the residents for coming up with the idea and promised the district’s support. She also urged residents to participate fully and own the initiative.
“We have consulted with residents and local leaders. An initial capital of over Rwf200 million is needed to invest in construction of hotels, tourism sites and brick factory among others, said Innocent Telimbere, the Sector Council chairman.
He added, “The main objective is to speed up the pace of development and improve the social welfare of residents.”
The Executive Secretary of Mushishiro, Patrick Rugamba, revealed that several investors have been solicited to boost the cash raising component of the project, but residents are encouraged to take more shares.
Several residents welcomed the inauguration of the investment group, but raised fears of security for the funds contributed and sustainability of the projects to be initiated.