{"id":62622,"date":"2024-01-10T16:58:51","date_gmt":"2024-01-10T16:58:51","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/rubavu-injects-rwf600m-into-gisenyi-market"},"modified":"2024-01-10T17:24:52","modified_gmt":"2024-01-10T17:24:52","slug":"rubavu-injects-rwf600m-into-gisenyi-market","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/rubavu-injects-rwf600m-into-gisenyi-market","title":{"rendered":"Rubavu injects Rwf600m into Gisenyi market"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Rubavu District has earmarked an extra Rwf600 million to finish the long-awaited Gisenyi market.<\/p>\n

The decision follows the endorsement by the district\u2019s advisory council to ensure the market is fully completed. The funds are anticipated to come from the district’s revenues.<\/p>\n

In an interview with The New Times, Rubavu District Mayor, Prosper Mulindwa, assured that the construction works, temporarily halted due to funding shortages by Rubavu Investment Company (RICO), the company responsible for building the market, will resume in February 2024.<\/p>\n

District figures show that more than Rwf2 billion has been allocated to the market, including the value of the old structure and the value of the land.<\/p>\n

Upon completion, the district\u2019s ownership is expected to reach 80.21 per cent. Presently, Rubavu District holds 61 per cent of its shares, with shareholders accounting for 21 per cent.<\/p>\n

Mulindwa said: \u201cThe market will be finished and ready for use by June 2024,\u201d adding that Rubavu residents have been waiting for the market for over 10 years.<\/p>\n

A section of the market building under construction in Gisenyi. Rubavu District earmarked an extra Rwf600 million to finish the construction of Gisenyi market. Courtesy<\/p>\n

\u201cThe district advisory council has voted a resolution to allocate more funds, and shareholders are on track to get their additional funds too,\u201d said Mulindwa.<\/p>\n

\u201cThe remaining construction works are not challenging, we have to get the market done and carry on other projects.\u201d<\/p>\n

According to Rubavu Investment Company (RICO), responsible for building the market, Gisenyi market has encountered various challenges such as poorly constructed footings, absence of the construction permit, and other impediments, as Pierre-Ce\u0301lestin Twagirayezu, the Chairperson for RICO, recently informed The New Times.<\/p>\n

The initial footings, intended to be 500mm deep, were found by the investors to measure between 250-300mm.<\/p>\n

ALSO: Rubavu town gets new advanced taxi-park<\/p>\n

The aforementioned interruptions and continuous delays now require approximately Rwf 1.5 billion to be resolved and complete the market, with the construction progress currently at 62 per cent.<\/p>\n

The market construction, which began in 2010, was scheduled for completion in 2013 by ABBA Ltd. However, progress came to a halt when district officials discovered tender irregularities.<\/p>\n

In January 2021, it was reported that the first phase of the project would be completed in six months, following an agreement between the district and new investor, Rubavu Investment Company Ltd.<\/p>\n

At the time, Gilbert Habyarimana, Mayor of Rubavu District, disclosed that under the agreement, the investor was responsible for completing the construction of the facility, The New Times reported.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. Rubavu District has earmarked an extra Rwf600 million to finish the long-awaited Gisenyi market. The decision follows the endorsement by the district\u2019s advisory council to ensure the market is fully completed. The funds are anticipated to come from the district’s revenues. In an interview with The New Times, Rubavu District Mayor, Prosper […]<\/p>\n","protected":false},"author":84,"featured_media":62620,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,349,4713,843,4714,758,1895],"class_list":["post-62622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-rwanda","tag-business","tag-gisenyi-market","tag-rubavu","tag-rubavu-investment-company","tag-rwanda","tag-vendors"],"yoast_head":"\nRubavu injects Rwf600m into Gisenyi market - Rwanda<\/title>\n<meta name=\"description\" content=\"Rubavu District has earmarked an extra Rwf600 million to finish the long-awaited Gisenyi market. 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