SOUTHERN PROVINCE

NYANZA — Kamonyi district authorities have set February 24 as the date for the launch of the Kamonyi Investment Group.

Speaking at the launch of the Southern Province Investment Corporation on Sunday February 10, the Mayor Jean Paul Munyandamutsa said that the launch of the investment group is geared towards encouraging local investments.

He said: "The Kamonyi Investment Group (KIG) is composed of members of the private sector in the district and other business persons of the area working in other parts of the country."

"We plan to invest in different ventures that will spur economic growth in the district. Through these activities, he said, we hope to create job opportunities for residents and reduce poverty levels in the process."

The investment group also seeks to promote the culture of saving among the populace so as to enable investments that benefit the majority of the people.

According to Munyandamutsa, the group has projected Frw500million as initial capital. It would be raised through the sale of 5,000 shares at a cost of Frw100,000 each.

The Investment Group will also attract banking institutions, private companies and Micro Finance institutions that encourage credit and saving.

They plan to invest in the housing sector where 400 houses will reportedly be constructed in Rugazi at a cost of about Frw11billion.

They will also invest in processing of cassava by constructing a cassava processing plant projected to cost about Frw100million.

Kamonyi plans to promote community tourism in the district by constructing a modern hotel facility, sources say.

If things turn out as projected, this would be the latest Investment Group in the province after Southern Province Investment Corporation.

Ends