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Kigali goes to the capital market

By Gemma Ware
Posted on Monday, 23 November 2009 16:35

Kigali is safe, eerily spotless and rapidly expanding. In a bid to fund its ambitious Kigali City Master Plan, the city council will launch a municipal bond in 2010 that it hopes will raise RF5bn ($73.3m) for infrastructure capital in the first year. Pieces of land owned by the council will act as guarantee for investors who buy the eight-year municipal bonds on Rwanda’s capital market. “We hope to have both local and the regional investors,” said Rangira Bruno, director of media and communications at Kigali City Council. The launch of the municipal bond aims to encourage the business community to participate in city projects. “Presently most of our infrastructure funding comes from the central government,” Bruno said. The money will be spent on five projects in the first phase of the Kigali City Master Plan, including a new central business district, a residential hub at Nyamirambo-Nyarugenge and a tourist hub at Rebero

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