Allain Patrick Ndengera, a Rwandan living in Canada and other partners, has found a better place to invest his idle cash.
He announced during the 13th National Dialogue taking place in Kigali that him and a few other Rwandans living in Canada will invest $7million in real estate projects back home.
“We are abroad, but we are attached to our home country; we want to build apartments in city of Kigali, the project will cost us $7 million,” he said, attracting wild applause.
Ndengera said that Rwandans in Canada have invested in several sectors in Rwanda, through capital markets, but he believes the investment in real estate will contribute to bridging the gap in housing industry.
The Rwanda Housing Authority estimates the Rwanda’s demand for affordable housing in general to at least 560,000 Units by 2020.
In Kigali City alone, the new housing demand is estimated at 344,068 dwelling units between 2012 and 2022, with more than 60% needed for low and middle class.
Kigali is targeting to build at least 10,000 dwelling units every year to bridge the gap, creating a ready investment opportunity for various investors like Ndengera.
Meanwhile, he said that Rwandans in Canada also take part in social programs like one cow per family, community work, Umuganda and others, quite like any Rwandan in the country.
Rwandans living abroad say the country integrates them in all its programs, and they always feel their investments should come back home.
Ndengera said this after a speech by Louise Mushikiwabo, Rwanda’s Minister of Foreign Affairs, who said, “Before appointing any ambassador to represent Rwanda abroad, we make sure we assign them to make the embassy a home for any Rwandan in that country.”
“We are no longer asking what our country should do for us, rather, we want to find out what we could do for our country,” said Ndengera.
Every year since 2003, the national dialogue gives an opportunity to each and every Rwandan to appreciate the progress of the country, to ask a question they think is hindering the country progress and to propose a breakthrough.