Rwanda: $23Bn needed for mega investment projects

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President Paul Kagame speaking at the Rwanda-UK investment meeting this week

President Paul Kagame speaking at the Rwanda-UK investment meeting this week

 Rwanda is seeking international investors to tap into 15 bankable projects worth $22.93 billion to boost its economy.

President Paul Kagame presented the projects on Monday during the Global Africa Investment Summit (TGAIS), held in London.

Kagame addressed tens of international business executives and said his government offers red carpet treatment and safe environment. “Invest in Rwanda, in East Africa, and your money will be safe, you will have high returns; countries and citizens will benefit and we will develop together,” he said.

Key showcased projects include those in infrastructure, tourism and agribusiness. In infrastructure, the government intends to spend $930.4m on roads around the country, energy production, which includes extraction of oil and electricity generation, worth $2.7b.

The Mombasa-Kampala-Kigali and the Dar Es Salaam-Isaka–Kigali Railway worth $18b are also on the table. A successful bidder will construct Rwanda’s biggest airport for $700 million.

In agribusiness, there is $83.2m up for grabs, through a $3m avocado project in Eastern Rwanda, a $10m beans processing plant, a $1.2 million fertilizer distribution project, a $21 million flower park and a $48 million fresh wholesale food market in Kigali special economic zone.

Tourism projects include the $38 million Karisimbi Cable Car and a Tourism Cultural Village worth $72 million.

Rwanda has already developed a conducive environment that allows businesses to thrive. The country, located in East Africa with 100 million people, has undergone radical reforms over the last five years, making it the easiest place to get credit, pay tax and process construction permits.

The World Bank’s ‘Doing Business’ 2014 Report index ranks Rwanda the 2nd most improved country in the world and the 2nd easiest place to do business in Africa.

Over 30 bankable projects in Sub Saharan Africa were presented as ‘in need of investment’.

The summit intended to attract the world’s largest institutional investors for projects across Rwanda, Ghana, Uganda, Tanzania and Togo.

UK’s Secretary of State and Leader of the House of Commons, William Hague, said the UK wants to be ‘a partner of choice’ for the next decades. “High growth rates across Africa present opportunities that cannot be ignored, and we will not ignore them,” he said.

Kagame spoke alongside, President Yoweri Museveni of Uganda, President John Mahama of Ghana and Mizengo Pinda, Prime Minister of Tanzania

 

About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

More posts by | Visit the site of Ndaka

 

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