28 January 2013

Rwanda: Fusion to Fund U.S.$16 Million Kigali Mall

Kigali — Kigali City sky lines will be richer by one more addition after a fresh deal between Nairobi-based capital firm Fusion Investments and a local Rwanda real estate development firm, Kigali Heights Development Company to put a multi-storied modern shopping mall.

In the agreement signed recently in Kigali, Fusion which was established in Kenya in 2005 as a capital investment firm will finance the project to the tune of $16.9million or (Rwf10.7 billion) to produce what parties involved say will change the face of the city.

Denis Karera, the managing director of Kigali Heights Development Company says the project will be completed in a two year period.

"The mall will be a one stop centre for services ranging from shops, restaurants, cafés, bars, banks, foreign exchange bureaus, ATM services and others," revealed an upbeat Karera.He added that mall will be two-faced with the first face having nine stories whereas the other will have six. Works on the mega project which will be located in Kimihurura, a suburb four kilometers from the Kigali city centre will reportedly create over three hundred jobs with the investor saying money is already available to get on with the work.

"We already have the money to do the construction and we pledge to respect deadlines."

In 2010, Fusion shareholders provided capital to expand the firms operations beyond Kenya after creating a niche with 'smaller company lending programme' and the firm has since launched in Kigali, Rwanda and Kampala, Uganda where start-up firms are hungry for money to capitalize their businesses.

It's arguably one of Fushion's biggest ventures since moving to Rwanda less than three years ago yet not their last either with Luke Kinoti, CEO of the Fusion Capital group, indicating that they are ready to be part of future projects that will help steer Rwanda's economy.

"This is part of our commitment to the East African region and Rwanda in particular; we have embarked on raising a US$ 100 million fund dedicated to supporting real estate projects," explained Kinoti.

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