CC.
Chris van der Plasse, Member of the Board Rwanda Chamber Foundation. Stef Schreuder, CEO Erasmus Investment International S.A.
To
All parties involved in the Green Business Hub Rwanda investment program, prepared by RCF in collaboration with GOR, local, and international parties.
Concerns New legal entity for the investment program in Rwanda.
Sir/Madam,
We have decided to create a Special Purpose Vehicle (SPV) to realize the investment program in Rwanda. We own a legal entity very suitable to support our ambition in “Africa Business Development Ltd.” (ABD). ABD takes over all responsibilities and agreements from Erasmus Investment International (EII) concerning the Rwanda project. ABD will be the majority shareholder of Green Business Hub Rwanda (GBHR).
The main reason to take this course of action is primarily to maximize the focus on Rwanda and to generate maximum speed to proceed with the funding processes. During Q2 2015 we were confronted with some delays in the execution of the program. It took more time than expected to find co-financers of our investment program ; all parties need time for due diligence and negotiations. This is done simultaneously with other Erasmus programs in other countries. The Rwanda program is “competing” with these developments.