RDB short of $77m to attain 2011 investment target

Rwanda Development Board (RDB) has, so far, registered investments worth $473 million, needing $77m to meet this year’s target of $550m. With less than 30 days to 2012, RDB still insists the target is still achievable, considering the number of investments in the pipeline.
ICT Minister Dr Ignace Gatare (L), exchange documents with Sunil Bharti the managing director of Bharti Airtel as the latter formally entered the Rwandan market. The New Times / File.
ICT Minister Dr Ignace Gatare (L), exchange documents with Sunil Bharti the managing director of Bharti Airtel as the latter formally entered the Rwandan market. The New Times / File.

Rwanda Development Board (RDB) has, so far, registered investments worth $473 million, needing $77m to meet this year’s target of $550m.

With less than 30 days to 2012, RDB still insists the target is still achievable, considering the number of investments in the pipeline.

“We have about $80 million to work for before the year ends and we are confident that it is achievable; we have a number of projects we are working on in terms of negotiations or facilitating to start,” said  Clare Akamanzi, the Chief Operating Officer of RDB.

Among the largest foreign investments this year include Bharti Airtel, an Indian firm investing $102m in the telecoms sector, New Forests Company (UK), sinking $60m to construct a timber manufacturing plant in the buffer zone of Nyungwe Forest and Atlantis Mining co., a Turkish firm investing $15m in gold mining.

Akamanzi said RDB eyes local investments as well, such as the Rwanda Tourism University College, owned by businesswoman Zulfat Mukarubega, who plans to expand the college’s campus in Kicukiro, Kigali City.

“We have signed agreements with investors in the energy sector, such as Orascom and Hakan who upon completion of feasibility studies, will start investing to produce electricity as early as next year,” Akamanzi added.

 “In comparison, last year we felt strained due to global economic events, but we have surpassed last year by over $100m so far,” she added.

Meanwhile Akamanzi expressed optimism over the East Africa Summit that started, yesterday, in Kigali, bringing together various investors as well as international business leaders and economists.

 “It is a good opportunity to host the summit here because we are commendable representatives of a dynamic region. Those with investing potential are cautious due to global economic crises affecting the developed world and are slowly turning to Africa,” Akamanzi said.

“We have done well to reform business procedures in the region and unlock our business potential. Now East Africa is recognized as one of the fastest growing economies in the world.”

ivan.mugisha@newtimes.co.rw

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