CONSORTIUM TO SPEND US$200M ON HOUSING UNIT IN RWANDA

Consortium set to spend  US$200m on 10,000 affordable housing units in Rwanda.

A consortium group is set to spend up to US$200m on housing project in Rwanda. The housing project will have over 10,000 affordable housing units. It will also contribute to the shortage of homes in Kigali.

The consortium is form from local and international players in the housing sector. Meanwhile, the project will benefit nearly 50,000 people in terms of employment and business opportunities.

Bo Huang, Vice President of Broad Homes said “The deal will address challenges that make Rwanda find it difficult to enter the market. He also said they have not make the most of opportunities due to limited financial resources”.

The MoU was sign by China’s Broad Homes Industrial International, Development Bank of Rwanda, Rwanda Social Security Board, BSMART Technology. Meanwhile, the MoU will help develop residential and commercial units.

Jonathan Gatera, the Director General of Rwanda Social Security Board (RSSB) said “The MOU is a culmination of one year of negotiations with IFC. He also said it will seek to diversify the role of the private sector in the housing sector.”

The project will develop 1750 housing units in the first phase. Meanwhile, this is part of RSSB plans to invest in affordable housing as the previous housing project, Vision City, is out of reach.

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