Bank of Kigali secure Rwf30bn from the European Investment Bank to boost SMEs.
Rwanda Bank of Kigali has secure Rwf30bn from the European Investment Bank. This funds is to support Small and Medium Enterprises (SMEs) and further promote the nation SMEs for locals.
The deal was signed during the ongoing Africa CEO Forum which is expected to tackle access to finance challenges among local SMEs. This will be for energy, manufacturing and trade, agriculture, transport and tourism sectors.
Chief Executive Officer of Bank of Kigali, Diane Karusisi said ”We have found the right partner in European Investment Bank. It will ensure that financing is not a bottleneck to creating a vibrant private sector in Rwanda.”
According to her, it will address the need for affordable and long-term business financing. It will also enables the private sector to become the leading player in the development of the country by steering a transformational and industrial economy.
The bank of Kigali will match this new loan with the other one which will bring the total to Rwf60bn. This will be injected into unlocking new private sector investment in critical sectors.
Vice President, European Investment Bank, Ambroise Fayolle said “Accelerating private sector investment is crucial to creating jobs, unlock opportunities. It will also enable businesses to succeed and the European Investment Bank is committed to supporting private sector investment in Africa.”
Meanwhile, the aim is to enable firms build on their strengths and contribute to sustainable economic development according to Fayolle. Rwanda has benefited from the excellent cooperation between the European Investment Bank and the Bank of Kigali.