The Social Security Fund of Rwanda (SSFR), a pension body is to spend Frw80.3 billion on 13 investments projects in the next four years, management has announced.
Afrique Ramba, Director of Investments and Special Projects said that, "We look at the return on investment and the risk which is attached to the project. We tend to minimise risks since we are using people’s money, at the same time we want to maximise returns on investment."
Of the Frw80.3 billion, SSFR plans to acquire land for development worth Fw22 billion. NSSF is persuading government to secure them this land.
"We have identified 140 acres at Gacuriro, 9 acres in Rugege. We have also identified more land in Kicukiro and Kinyiya," Ramba said during a meeting with stakeholders at Alpha Palace Hotel last week.
The security fund has also allocated Frw13 billion for the Insurance Plaza in Kigali City business centre. The 14,000 square metre building will have a packing space for 150 vehicles. If completed, it will be the tallest building in Kigali, with 18 floors.
Construction works of the plaza have commenced. Thomas & Piron is developing the multi-million infrastructure.
SSFR also intends to construct the largest shopping mall in the country at Gacuriro, an upscale residential suburb in Kigali. The investment is valued at Frw14 billion. The place will have a packing capacity of 250 vehicles and rental space of 22,000 square metres. This will be three-times-more bigger than the Union Trade Centre, the current largest shopping mall in the country. City tycoon, Tilbert Rujugiro spent Frw4.2 billion to construct the centre.
Other investment projects include; hostels to cost social security contributors in the country Frw1.6 billion and Frw8.8 billion to build 250 houses at Gacuriro.
SSFR is to spend Frw6 billion on the Kacyiru office park—representing 7.2 per cent of the total investment cost.
At least Frw1.7 billion is to be invested in developing the Free Economic Zone and Frw1.54 billion in the Kigali Tiles Company. SSFR management has allocated Frw1.4 billion for developing the Batsinda low cost housing estate.
The pension body that is fully financed by contributors will open more branches in the country. The move, according to management is to increase its capacity within and around Kigali city. The expansion project is expected to cost an Frw5.55 billion. This will see the SSFR constructing three new branches in Gasabo, Kicukiro and Nyarugunga.
"We tend to invest excess funds in the most rational ways in order to be assured of their profitability and contribution to the economic growth of the country," said Ramba.