Traders in Kigali’s busiest suburb, Nyabugogo are set to benefit from the completion of a Rwf 5.5 billion complex that will house over 2,000 shops, giving many Rwandans a source of employment and accelerating economic growth.
This was announced by the chief executive officer of the Development Bank of Rwanda (BRD), Alex Kanyankole during a tour of the building yesterday.
Kanyankole said the building will provide adequate space, in line with the City of Kigali’s Master Plan, for members of the Inkundamahoro Cooperative, putting up the building and other business people to trade their different merchandise ranging from hardware, pharmaceutical products to food items.
“The complex is currently under completion and we expect to be opened in June or July this year for the traders to move in,” he told journalists after the visit.
He added that the building will also have apartments to accommodate traders coming from outside Kigali.
The financing of the building is part of the BRD’s over Rwf 130 billion credit schemes issued to small and medium enterprises, affordable housing, agriculture, energy and education.
Kanyankole said they target their loan book to grow to over Rwf 350 billion in all economic sectors.
He commended traders who came together to work under cooperatives such as Inkundamahoro to seek financing from the bank, noting that they are able to position themselves well for faster growth under the groups, creating more jobs for the unemployed and giving assurance that they will pay back the loans.
Sylvere Karera, the Chairman of the Inkundamahoro Cooperative said they were optimistic that the building will be fully rented ensuring that they pay back the bank.
“Our business plan was sound when we took our loan application to BRD. We believe it will be profitable given the nature of the stalls that will allow traders to rent for their businesses,” he explained.
The building is expected to be completed in July 2016 and trade activities will immediately commence. Overall, BRD has financed construction of new commercial complex buildings cooperative premises
BRD has financed similar structures in Gakinjiro and Gahanga in Gasabo and Kicukiro districts respectively.