The Libya African Portfolio (LAP), the investment arm of the Libyan government is set to invest $97.4 million (Rwf53.6 billion) in Rwandatel this year.
Rwandatel is jointly owned by LAP Green networks a subsidiary of Libyan African Portfolio (LAP) and the National Social Security Fund of Rwanda (USSR).
Issiaka Maiga Hamidou, Rwandatel’s Chief Executive Officer (CEO) explained that the money will be used in upgrading the telecoms network.
“The money is going to help Rwandatel to invest in the landing of the fibre optic cable, upgrading the 3G network, strengthening the landline technology and strengthening of the network,” Hamidou added.
During their recent visit in the country to monitor and evaluate the performance of their existing investments and also looking for other possible ventures that they can invest in, the LAP delegation announced that they were set to construct 400 housing units in Kagarama, Kicukiro District.
Rwandatel’s CEO revealed that the project whose name will be called “Green N Village” will consist of 200 apartment blocks and 200 high standing villas.
“The project is a real estate design that will be carried out by Rwandatel and a local partner, East Africa Investment, who are experienced in construction industry in the country,” he added.
He added that Green Technology a construction company under LAP will also give a hand during the construction of the site and he revealed that the houses will be cheaper, stronger as they will be of the kind of faster method of construction units.
The CEO also revealed that LAP has invested Rwf19.1 billion in the Green N Village project and the construction will begin soon as the Portfolio has already arranged the site for the 400 houses.
Hamidou also revealed that the Libyan Portfolio has plans to venture into other economic sectors in the country most especially hotels, mining and agriculture.
LAP was established under the General People’s Committee in 2006 with its Headquarter is in Tripoli, Libya. Some of it subsidiary companies include Oil Libya Holding Company (previously Tam Oil Africa), which has an extensive pipeline project from Kenya to Uganda, and is also one of the biggest distributors of oil in Kenya and also in most African countries.
Another is Libyan Arab Company for African Investments, which is one of the leading investments in the Hospitality industry in Africa with numerous 4-5 Star hotels including the Michelangelo in Johannesburg, the Regency Hotel in Nairobi and the Golden Tulip in Ghana, among others.
Afriqiyah Airlines, with destinations in West and Central Africa to the rest of the world is also among the subsidiaries.