Horizon Group, a local investment company, is set to invest US$2m or Rwf1.18b in the next five years, the company’s Chief Executive Officer, Eugene M. Haguma, said Monday.
The financial outlay comes days after its subsidiary, Horizon Construction Ltd, said it was investing US$5m (Rwf2.9bn) to acquire new machines and trucks.
Horizon Construction Company secured the equipment in partnership with local banks including Bank of Kigali, Zigama CSS and Rwanda Commercial Bank (BCR), Haguma said.
“70 per cent of the funds came from local financial institutions while 30 per cent was financed from the company’s cash flow,” he explained.
Since its inception, Horizon Group has been able to develop and nurture two big companies including Horizon Constructions Ltd and SOPYRWA, Rwanda’s sole pyrethrum processor.
“We have managed to complete construction of Kigali Public Library, 16.5 km paved roads across Kigali and we have managed to increase pyrethrum production from 209 metric tonnes in 2009 to 700 metric tonnes in 2010-2011,” Haguma said.
SOPYRWA’s export revenues rose by 380 per cent to US$4.3m (Rwf2.5b) from US$1.1m (Rwf672.7m) in 2009.