SOUTHERN PROVINCE

MUHANGA — Leaders and the business community in Muhanga district have agreed to form an investment group. The group will be called Muhanga Investment Group.

At a development meeting held over the weekend at Muhanga cultural centre, members seconded a proposal raised by legislator Alfred Gasana to establish an investment group to spearhead development.

The meeting was attended by various Gitarama businessme , decision makers and local leaders.

Gasana argued that starting up an investment group would be the best modern business venture instead of all residents pooling resources into one single project.

"If shares are floated to residents and other potential investors the district can implement priority projects and open up to bigger regional investment markets. In that way, each one can buy shares and get dividends with time,” said Gasana.

Participants voted for its establishment and called for serious and committed investors.

"We need to abandon the usual sentiments in business and move into a capitalistic direction. The success of the idea requires serious and critical business thinking and immediate follow up; so as to compete with Kigali and other regional investments,” Jacques Twahirwa one of the members said.

In the discussions that followed, members resolved that the investment group would begin with an initial capital of Frw500m and each share will cost Frw100,000. 

The investment group would invest in a number of businesses including: tourism development, housing estates, opening up a district radio station, mining, building coffee washing stations, and rural banking, among other things.     

A committee of law experts was selected to revise the statute and the next meeting will be convened on August 24, to approve the laws and guidelines before the official launch.

Protais Musoni, the minister of Local Government, who chaired the meeting said Muhanga has a big investment potential and encouraged the business community to encourage other residents to invest as a way of attaining sustainable development.

Musoni also toured the ongoing mini Trade exposition in Muhanga which opened recently.

The meeting was initially intended to discuss the rival over Frw800million Gitarama Hotel project; which was not implemented since its initiation in 2002.

Ends