November investments to create 241 jobs

A total of nine investment projects worth Rwf 26.2 billion were registered in November 2009 with expectations of generating of 241 jobs, the Rwanda Development Board (RDB) has said. This represents an increase of 296.9percent from the Rwf6.6 billion registered in October this year, RDB said last week in a statement. The investment projects were distributed in six sectors. Agro processing takes the lion share in terms of value attracting two investment projects consisting of tea processing and edible oil extraction with an estimated total investment of Rwf7.8billion that will generate 149 jobs. According to Clare Akamanzi, RDB’s Deputy CEO in charge of Business Operations and Services, despite the effect of the global financial crisis experienced at the beginning of the year, investments into the economy have significantly increased due to progressive reforms in improving the business climate. “Rwanda has registered good investments this year compared to last year. We are optimistic that this year will end reasonable well,” Akamanzi told Business Times yesterday. The mining sector comes second after attracting one investment project for exploration and exploitation of a tin concession in Rutongo Mines with a total investment of Rwf3.9 billion and 150 planned jobs. The Construction sector registered three projects worth Rwf1.8 billion including two units of stone crushing and construction of Kabeza market by private company. RDB said that the hotel sector registered four new entrants in October. Last month one residential apartment worth Rwf504 million was registered by a local investor, and expects to create nine jobs. Regarding property development, a planned investment of 16 storeys commercial shopping mall at the City centre with an investment worth Rwf12 billion was registered. The transport sector attracted one project in the international goods transport with a planned level of investment worth Rwf15.6 million and 10 planned jobs. However the deputy CEO also mentioned that biggest challenge faced by her institution this year has been delays in implementation of the planned investments partly due to effect of the global recession. “Investments are taking longer in terms of becoming real but we are optimistic about next year,” she said, pointing out that as economies recover, demand will also resume from international companies that had earlier expressed interest in investing in Rwanda. In the first six months of this year, investments faced a slight decline of 10 percent in the number of investment projects registered though there was a 50 percent increase in value of investment projects registered. During the 3rd quarter of 2009 (July - September), RDB said it registered total investments worth Rwf 23.22 billion giving an average of Rwf 7.74 billion per month. Ends

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November investments to create 241 jobs