Despite delays following a credit squeeze in 2009, Kigali City Council (KCC) says that its plans to sell municipal bonds remain possible as it seeks to raise funds from the public to finance the implementation of its ambitious master plan.

The Mayor of Kigali, Dr. Aisa Kirabo Kacyira said that KCC is still discussing the possibilities of listing East Africa’s first municipal bond following a rebound in economic activity.

"Looking at the progress, it’s still viable and we hope soon, if the trend is not reversed the municipal bond will be issued...but it has not been easy, globally, and so in Kigali too,” she said on Friday during a press briefing on the official visit of Alassane BÂ, the Managing Director of Shelter Afrique, where they both discussed how to create a platform that would enable real estate developers exchange information on access to finance.

KCC had initially intended to raise a tune of Rwf40 billion from the public for a period of three years but a slow down in economic activity as a result of the global economic downturn in 2009, forced city authorities to revise the figure downwards.

The Mayor said that the study to issue the bond is complete and that its meets international standards.

The city is supposed to avail water, electricity, roads and sewage systems in some areas and then sell the projects to investors for further development. Kigali’s new central business district is part of the project areas that were lined up for development.

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