Efforts to form an investment corporation in Southern Province are swiftly materialising.
In the space of just four weeks, Frw1.52b has been pledged by inhabitants of the Southern Province to form the Southern Province Investment Corporation (SPIC).
This initiative, spearheaded by the Private Sector Federation (PSF), aims to encourage Rwandese to pool resources and invest in bigger opportunities.
On January 10th PSF organised the final meeting for the investors from the south. The meeting, that took place at Prime Holdings Conference Hall, Kimihurura, was to give those pledging an opportunity to meet businesspeople now living and working around Kigali but originally from the South.
The Chairman of PSF, Robert Bayigamba, warned the business community that if they do not pool financial resources for investment, all investment opportunities in the country will be taken up by foreign investors.
The advent of a Rwandan stock exchange marks a good investment opportunity for corporations such as SPIC to invest in companies throughout Rwanda.
Bayigamba clarified that an individual, another company, an association or a cooperative can own shares in SPIC.
At Prime Holdings, 33 investors pooled Frw168b. At a previous meeting held in Nyanza, Southern Province, approximately 110 Southerners pooled Frw1.377b.
The meeting at Prime Holdings was chaired by Southern Province Governor, Fidel Niyosaba. He commended the initiative, saying that it will bring development to the south, create employment and enhance infrastructure development.
Southerners plan to invest the money in several different schemes. They plan to buy LABOPHAR, a pharmaceutical company that is yet to be privatised; to buy Mata Tea factory which is due to be privatised; to establish coffee washing stations; and finally to create a modern cassava mill.
Tribert Rujugiro, the Chairman of Rwanda Investment Group (RIG), stressed that SPIC’s transparency will be strictly observed. He urged investors to embrace the spirit of working together that is found in the developed nations of Europe, Asia and America.
Similar initiatives are also making headways in other provinces. NORPIC in the North, whose total sum raised reportedly stands at RwF1b; WESPIC in the West, with RwF1.6b; EPIC in the East, with RwF2.675b; and the Champions Investment Corporation (CHIC), for Kigali residents, which has pooled RwF1.425b.
According to Jean Claude Uwizeyemungu, the PSF Local Investment and Research Manager, SPIC will officially be launched in a few weeks time.