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.

Ads by Google

Copyright © 2013 East African Business Week. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.