As a way of playing their role in development of the country, nationals living in Europe initiated the “Rwanda Diaspora Mortgage Group” to create more business opportunities in the country.
This implies that instead of one person getting mortgage facilities from banks, it will be a group to access the facility, which they say, will increase the capital flow from abroad, in the long term.
According to Peterson Sentenga, the Group’s leader, various banks had already expressed interests in funding the initiative.
He noted that although many will be looking for residential mortgages, some have already expressed interest in exploring commercial mortgage opportunities.
"We'll be looking at many options, while some of our members are happy with "finished build" houses, some are looking to construct from scratch,” he said.
Sentenga said that the group’s initiative was triggered by the challenges people in the Diaspora face when they try to build homes in Rwanda, including such things as monitoring construction standards, staying within budget limits, among others.
In an interview, Ignatius Mugabo, the chairman of the Rwandan Community in the UK, welcomed the initiative noting that the more organized the Diaspora becomes, the more they stand to benefit from and contribute to Rwanda’s development process.
“Our country is growing at an unprecedented rate, and as the economy grows it is only fair that its citizens’ welfare improves as well. This trend should not be enjoyed by those living in the country alone, but should spill over to every Rwandan wherever they have chosen to be,” said Mugabo.
He called on the Diaspora to invest their savings in government bonds and shares in various companies that are being sold to the public, citing example of the forthcoming Bank of Kigali Initial Public Offering (IPO).
"We did not fully participate in the Bralirwa IPO due to late arrival of information and logistics necessary for buying shares while abroad, but I want our people to be prepared for BK and other forthcoming IPOs" he emphasized.
The General Secretary of Rwandan Community in the UK, Alex Ntare, noted that although this is initiated in the UK, anyone in the Diaspora is welcome to join the group and a membership form is readily available on the convention website.
“We currently have 30 people registered and our minimum target is 50. It’s not only for UK, but all parts of Europe.