Cooperative gets Rwf1b loan for modern market

Duharanire cooperative yesterday secured Rwf1b loan from Rwanda Development Bank (BRD) to construct a modern market in Gakinjiro.

Duharanire cooperative yesterday secured Rwf1b loan from Rwanda Development Bank (BRD) to construct a modern market in Gakinjiro.

The loan, which is payable in 10 years, carries an interest rate of 15 per cent.

“This contract loan is in line with one of BRD’s priority sectors of intervention which is in real estate. And this is the fourth market we are financing after Kimironko, Kimisagara and Kigali Investment Company,” BRD’s Director of Investments, Christine Karangwayire noted.

Duhahirane cooperative, which was formed in 2009, has 250 members.

“The market will be comprised of 500 units on a three stored building and it will be generating Rwf30 million per month,” Duhahirane cooperative Chairman, Boniface Munyentwari said.

He added that cooperative will repay the bank loan through rental cash from tenants.

Karangwayire further explained that the loan is definitely going to help members of the cooperative to improve their lives and families.

The cooperative boss explained that the planned market will possibly create employment opportunity for some 1,567 people.

“The loan is also going to help the cooperative to upgrade and improve on the market infrastructure, as well as the market’s operational premises,” Karangwayire added. 

saul.butera@newtimes.co.rw

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