SOUTHERN PROVINCE HUYE — The construction of a Rwf1.2 billion shopping complex in Butare town by Ingenzi Cooperative Society has kicked off. The shopping complex, which will occupy part of the former Butare central market, located in the central business district, is expected to provide the much needed space for commercial activities in the town. According to the President of Ingenzi Cooperative, Leopold Mubera, the building will have two storeys in the first phase with a possibility of adding three more later on. The Butare business district, locally known as Kiwarabu is composed of mainly old dilapidated structures. Mubera, says the investment by Ingenzi Cooperative will encourage other business people to invest in real estate. “We believe that this investment will have positive spin-offs. Business people who were hesitant to invest in real estate will draw inspiration from us,” said Mubera. Francois Rutayisire, the President of the Private Sector Federation in the Province, who is also a prominent business man and member of Ingenzi cooperative, observed that potential investors in the district have previously been scared away by the low purchasing power of district residents. “The market here is very low for big investments,” said Rutayisire, the proprietor of Hotel Credo, one of the best hotels in the Province. He decried the reluctance of local banks to lend to local businesses. The construction of the new business complex is expected to take 18 months. Ends
