The development of the US$ 400M Kinyinya Park Estate Project in Kigali, Rwanda has been approved by Shelter Afrique in partnership with the Rwanda Social Security Board (RSSB) and the Development Bank of Rwanda (BRD).
The project includes the construction of 10,000 integrated and sustainable large-scale houses, and 200 units of commercial outlets including schools, shops, and business facilities. The Trade and Development Bank, formerly the PTA Bank has approved a facility worth US$ 150M to Shelter Afrique for the implementation of the first 2 phases of the project.
The Kinyinya Park Estate Project is expected to create over 40 000 jobs during the construction phase and benefit at least 50 000 people living in the East African country upon completion in 48 months’ time.
Other partners in the project include the Development Funding Institution (DFI) and Ultimate Developers Limited (UDL), an internationally acclaimed large-scale Engineering, Procurement, and Construction (EPC) contractor.
2nd large-scale housing development project in Rwanda by Shelter Afrique
The Kinyinya Park Estate project is Shelter Afrique’s second large-scale housing development project in Rwanda following the 3000 affordable housing units in Rugarama Park Estate in Kigali which were commissioned back in June last year.
Shelter Afrique Board Chairman Dr. Steve Mainda said that the Company is committed to its 2019-2023 strategic goals, which focus on achieving both development impact on all large-scale housing projects so as to achieve the creation of value for shareholders while providing affordable housing across Africa.
For RSSB, the project is expected to enhance its new 2020 strategic plan of increasing access to affordable housing in Rwanda and directing pensioner’s investments in projects that are profit-oriented, after Parliament in September advised the board to scrutinize projects which have a direct impact on their lives of its contributors.