City investments hit Rwf96bn

KIGALI - Kigali City Construction One-Stop Centre was only established in April this year to facilitate doing business in the country, but according to City officials, 36 construction permits worth Rwf 96.6 billion have so far been issued. According to statistics from the centre, more than 120 project proposals have since been received, 28 of them worth Rwf 110.8 billion have been approved and will receive construction permits once they have submitted their architectural designs. Among the approved proposals are; Amarembo Centre which combines Akagera Motors, VERMA, MIRONKO and Mukangira area. All the commercial facilities to be built in this area will have 8-14 storey buildings. Other approved proposals include Olivier COSTA, a commercial facility worth Rwf 13.8 billion to be built next to the city main roundabout, Billion Construction and Materials which deals in real estate to be constructed in Kicukiro District ($5million), a four storey hotel worth Rwf 22 billion belonging to a local businessman, Vivens Nsengiyumva, and a 12-floor commercial building worth Rwf 2.3 billion also to be built in the city centre. The projects were approved between 14 and 16 days on average. In an interview with The New Times, Justine Kayiraba, the centre’s coordinator, said that entrepreneurs are moving fast to complete their documentation process. Kayiraba added that the centre is also working with financial institutions to present their projects and is also assisting developers to work with banks that would offer them (investors) loans. “This is the activity that is ongoing the whole of this week; to meet each investor who has acquired construction permits individually but is not implementing it in time due to financial difficulties,” she said She noted that most of the developers whose project proposals were approved, have promised to submit their detailed architecture designs in time and that most of those who received construction permits have shown no financial problems. Kayiraba further said that financial institutions will also soon start the implementation of their projects. Most of the financial institutions invest in real estate. She said that the centre is also visiting those who have failed to beat the deadline of submitting detailed studies following the approval of their proposals, to see what could be the cause of the delay. The developers have a period of not more than three months to submit their final structural designs.The centre which brings together the services of district land bureaus, the National Land Centre and Rwanda Environment Management Agency (REMA), is set to ease the process of acquiring land documents from 210 days to 30 days. It approves projects above 4,000m2, buildings above two storeys and all facilities that receive more than 100 people per day. Ends