India to invest $250 mn in Rwanda | business | Hindustan Times
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India to invest $250 mn in Rwanda

business Updated: Dec 18, 2010 12:32 IST

An Indian company has signed a pact with the Rwanda Development Board (RDB) to invest $250 million for a knowledge hub and an integrated food park in this East African country, once associated with its fratricidal conflict that claimed nearly a million lives.

India's Universal Empire Infrastructures (UEIL) has been in discussion with the Government of Rwanda for a few months and the company delegation also visited here, the capital of Rwanda. The delegation also held detailed discussions with six cabinet ministers of the Rwandan government.

The memorandum of understanding inked now is a follow-up of the recent road shows held by RDB in New Delhi, Mumbai, Bangalore and Ahmedabad, officials said.

Clare Akamanzi, chief operating officer, and K Balachandran Nair, chairman and managing director, signed the pact on behalf of RDB and UEIL, respectively, in the presence of Munish Gupta, director of UEIL, and Rosemary Mbabazi, director for investment promotion with RDB.

The pact focusses on the establishment of a knowledge hub that entails a multi-disciplinary university that comprises all schools, especially for medicine, in collaboration with Royal Colleges of either Scotland, Ireland or England, as also those for engineering, management, commerce, education, agriculture, arts and humanities, and basic sciences.

It also calls for centres on employable skill development, IT, biotech and research, apart from a sports complex and convention centre, a medical resort with 300 rooms, wellness centre, naturopathy and water sports to spur tourism.

The second part of the pact focusses on the establishment of an integrated food processing park to develop agriculture and animal husbandry.

Rwanda, now led by its second-term, democratically-elected President Paul Kagame, wants to leave the catastrophic genocide in 1994 behind and forge pacts globally to lift the impoverished country. Around 90 percent of the population of this country is engaged mainly in subsistence agriculture and processing of some minerals.