Govt. I&M Bank shares for sale to fund Bugesera International Airport

Published by IGIHE
On 8 February 2017 saa 03:32
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The Minister of Finance and Economic Planning, Amb. Gatete Claver has revealed that that government is set to sell its shares in I&M Bank part of which proceeds will be used to fund construction of Bugesera International Airport.

The Minister made the revelation yesterday before parliament as he presented the 2017/208 budget preview.

He said part of the earnings from the sale of I&M Bank shares of about Rwf 11.5 billion, will be allocated to the national budget to support new projects including expansion of RwandaAir activities, and funding the budget for newly established government bodies that replaced Rwanda Natural Resources Authority.

Bugesera International Airport is expected to be completed in 2018 at a cost of over USD 800 million. Rwanda owns 25% of the shares in the project while the remaining 75% belongs Portuguese company, Mota-Engil Africa.

Gatete explained that changes will be seen in the budget where internal revenues are expected to rise from Rwf 1,182.4 to 1,186.3 billion while foreign support will reduce from Rwf 365.3 to 326.6 billion.

Foreign loans will rise from Rwf 367.7 to 375.1 billion. Tax revenues are expected at Rwf 9.8 billion through increasing VAT and taxes on imports from outside the East African Community among others.

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The Minister of Finance and Economic Planning, Amb. Gatete Claver