Professionals in the country have launched a cooperative to encourage a "saving culture,” targeting $1 billion (Frw545.3 billion) over time as capital.

"We are tied in a vicious circle of low income, saving a low investment,” said Emmanuel Hategeka, secretary general of the Private Sector Federation. "Who is going to make us break from this circle?”

He told members of the cooperative, Prosave, at the first general assembly meeting on July 30 that Rwandans will only come out of the poverty circle if professionals pooled resources and invest in paying ventures.

With the slogan "Get richer every day,” the cooperative is to instill a saving culture among Rwandans both within and the diaspora.

Focal points have been established in Belgium, the United Kingdom, United States, Canada, the Netherlands and Switzerland.

Théoneste Mutsindashyaka, State minister for Education, promised to mobilise 50 professionals.

Forming Prosave cooperative was mooted by Clare Akamanzi, deputy director general of Rwanda Investment and Export Promotions Agency.

Each member will be obliged to save Frw50,000 monthly for a whole year before the cooperative invests the money.

During the launching ceremony, 56 members from government and the private sector were recruited. The cooperative is targeting at least 200 members this year.

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