National

Nyabugogo coop to build modern mall

  • By Stevenson Mugisha
  • October 26, 2011
photo
One of the complexes belonging to Ikundamahoro Cooperative. The coop will soon put up a multi-billion franc mall. The New Times /Timothy Kisambira.

A cooperative made up of entrepreneurs operating in the Nyabugogo suburb has finalised plans to construct a modern shopping mall.

According to the president of the Ikundamahoro Cooperative, Mathias Dukuzuwaturemye, the complex whose construction commences in December this year, will cost close to Rwf 10 billion.

In an interview yesterday, Dukuzuwaturemye said the construction process would take one and a half years to complete.

The cooperative also owns a string of other commercial complexes around Nyabugogo.

“The complex will be put up on one and a half hectares of land and it’s going to be one of the largest and best shopping malls in the region,” Dukuzuwaturemye said.

He added that the cooperative which is composed of over 140 members has so far collected Rwf 2 billion.

Dukuzuwaturemye said that upon completion, the envisaged eight storied building would be able to serve up to 7,500 customers at a time.

He disclosed that they would obtain a loan from Banque Populaire du Rwanda (BPR) to begin construction, adding that they are also considering Kenya Commercial Bank (KCB) to source for additional funding.

“I encourage my fellow Rwandans in the business sector to avoid waiting for foreign investors to come and develop our nation because basing on experience, we have the potential to become investors as long as we are committed and organised in cooperatives,” Dukuzuwaturemye said.

He said that upon completion, the complex will be occupied by members of the cooperative and other traders within Kigali City.

He added that the upper part of the complex would comprise of apartments.

Betty Mukamana, a member of the cooperative said: “The building will improve our living standards socially and economically because it will help us work for more hours than we have been doing”.

She urged more Rwandans to form cooperatives saying that this would enable them to acquire loans from banks and other micro finance institutions in the country.

Ends


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