SOUTHERN PROVINCE

NYANZA — The President of the Private Sector Federation Robert Bayigamba has lauded business persons of the Province for pulling resources together for a grand investment.

Speaking at the launch of the Southern Province Investment (SPIC) on Sunday in Nyanza, Bayigamba noted that most successful businesses world over were inspired by collective investment ventures.

He said: "Pulling resources together is vital in financing large profitable ventures which would not be possible for an individual."

About Frw1.7 billion was raised in share pledges during the launching ceremony. According to the arrangement the members are supposed to pay 30 percent of their share pledges within a period of three months and clear the remaining installment within the next two years.

Each of the eight districts in eastern province has a stake of Frw100million supposedly the biggest for a single share holder.

A single share cost Frw1million while the minimum number of shares for membership is three.

During the same function, shareholders elected the board of governors where Paul Mubiligi was elected as its chairman, Francois Rutayisire as vice President and Josephine Mukamasabo as Secretary.

Members of the corporation were advised to invest in cassava processing business due to abundant cassava and market availability.

Governor Fidele Ndayisaba, noted that the decision to advocate for the intensive cultivation of cassava was inspired by the availability of local and international market.

"We are working with private companies to set up processing plants in the Province. We have received assurances from banks as regards the financing of such projects. As shareholders of SPIC we should consider the possibility of investing in this business," Ndayisaba said.

The Southern Province Investment Corporation is the latest grand investment after the Rwanda Investment Group, the Eastern Province Investment Corporation and the Northern Province Investment Corporation.

Such regional groupings have been seen as viable strategy in attracting local investments.

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