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Foreign Investors Rushing to Rwanda After Kagame Reassurance

by Dan Ngabonziza
10:06 pm

Rwanda’s Salesman-In-Chief, Paul Kagame, says tens of foreign investors are increasingly buying into his business pitches.

“There are investors who have already come to discuss serious business with us,” President Kagame said.

On October 21, 2014, while at the global Africa Investment Summit in London, Kagame presented 15 projects worth US $22.93 billion.

He told tens of investors that his country was looking for funds to invest in energy production ($2.7 billion), construction of Rwanda’s biggest airport ($700 million) and $930.4 million for expanding roads around the country.

He also presented the Mombasa-Kampala-Kigali and the Dar Es Salaam-Isaka–Kigali Railway project worth $18 billion, and wanted about $200 million for agribusiness and tourism.

So far, 17 investors from London, led by Lord Valentine Cecil, chairman of Harlow Enterprises Hub (Essex UK), have visited Rwanda and have committed to invest in construction, tourism, finance, logistics and transportation.

President Kagame speaking to Journalists during a monthly Press conference

President Kagame speaking to Journalists during a monthly Press conference

Meanwhile, prior to the London visit, Kagame and his team had been pitching projects to different countries, in USA, Asia and South America.

Claire Akamanzi, Chief Operations Officer for Rwanda Development Board (RDB), told KT Press that several investors are already operating including: Korea Telecom, which has invested $130 million, and C & H Garments Ltd, a Chinese garment factory, with $6 million.

IHS Rwanda Ltd, a Mauritius firm, has invested $60 million in telecommunication towers.

Most recently, Howard Buffet, the son to American billionaire, Warren Buffet, donated $500 million to boost the country’s agriculture sector. Former US President, Bill Clinton, is investing $60 million in factory for fortified foods.

Symbion Power, a US energy firm, has invested $157 million to extract methane gas in Lake Kivu. Atlas Mara, a financial services holding company involved in acquisition of target banks in Africa.

India’s High Commissioner to Rwanda told KTPress that his country has agreed to offer Rwanda a $500 million concessional loan through two Indian firms, Angelique International and Bharath Heavy Electrical Ltd to construct a 100MW hydroelectric power plant, after the completion of another 28MW plan worth $120 million.

In total, RDB’s Akamanzi says last year Rwanda registered investments worth $549 million, and $213 millionwas Foreign Direct Investments, while $159 through joint ventures with local investors.

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