A visiting delegation of German investors was yesterday received by President Paul Kagame on a mission to explore investment opportunities in the country.

The group of over 30 investors incorporated into a consortium known as African Development Cooperation came to the country on invitation of President Kagame.

They have since expressed interest in making investments worth $100 million (about Frw5.5bn) in the areas of ICT, tourism and banking.

"They have so far bought 75 percent shares in Simtel (a local electronic banking company), 25 percent in BRD (Rwanda Development Bank) and are also interested in the Rwanda Housing Bank (BHR)," the State Minister in charge of Industry and Investment Promotion, Vincent Karega, said after their meeting with the President.

He said that the Germans, whose delegation is led by Christian Angermayer, are still exploring other areas of investment that would include real estate development and tourism.

"The plan of Bugesera International Airport also appealed to them," said Karega.

The Germans and Simtel entered into a partnership deal worth $3.5m, giving the consortium majority shares in the company.

Karega also said that evaluation is underway to ascertain the value of BHR after which a deal would later be signed with the German team.

Kagame encouraged the Germans to make Rwanda an ideal investment destination, according to Claire Akamanzi, the Deputy Director General of the Rwanda Investment and Export Promotions (Riepa).

German investors have made frequent visits to Rwanda for the last five months to identify investment opportunities available.

"The amount of their investments may increase because they are still identifying more opportunities," Akamanzi said. The delegation, which arrived in the country last Saturday, was expected to leave last evening.

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