Germany is to invest $100m (Frw54 billion) in Rwanda’s ICT, real estate and banking sectors.
Through the African Development Cooperation, the Germans are to pump the money in Simtel, an electronic transaction provider in Rwanda, Housing Bank and the Rwanda Development Bank (BRD). Meaning the Germans will acquire equity and increase capital in these companies.
Théogéne Turatsinze, the director general BRD confirmed the deal saying the investors have expressed interest in equity participation in BRD. He however hastened to say: “it is still early to identify the orientation.”
While Rogers Munyampenda, the managing director Simetel couldn’t reveal anything regarding the negotiations saying that they agreed not to. He said he would be in position comment after 26th this month, when the chief executive officer of Africa Development Cooperation returns to Rwanda.
But Francis Gatare, director general Rwanda Investment and Export Promotion Agency (Riepa) said negotiations are in advanced stages.
“The money will be disbursed immediately after they finalise the negations. What is delaying them is the normal procedures of negotiating and interest rates with particular companies,” Gatare said.
Germany has been supporting Rwanda for so many years.