AfDB supports Rwanda SMEs through $8m credit line
The African Development Bank (AfDB) and the Development Bank of Rwanda (BRD) on Monday signed an $8-million credit line to support BRD lending to the agriculture, agroprocessing, telecommunications, education and tourism infrastructure sectors in Rwanda.
BRD is a Rwandan development bank specialising in small and medium-sized enterprises (SMEs) and, as part of its 2010–2014 strategy, its key growth areas include priority SME sectors such as agribusiness, manufacturing, microfinance, information and communication technology, hospitality, education, healthcare, energy and water.
The partnership between the AfDB and BRD was expected to increase SME reach, job creation, government revenues and resource mobilisation to finance SMEs.
In complement to the credit, a technical assistance package of up to $730 800 provided to BRD by the Fund for African Private Sector Assistance (Fapa) and funded by the Government of Japan, the AfDB, the Austrian Development Bank and the Government of Austria, would reinforce BRD’s internal operational structures and systems.
The grant aimed to improve BRD’s staff skills, information technology systems, appraisal systems, treasury and financial management, operations, credit risk management and internal controls.
“The agreement which has just been signed, illustrates the vitality of this cooperation which will enable BRD to be engaged in a programme of reinforcement of its private sector and SME operations in Rwanda,” BRD CEO Jack Kayonga said in a statement.
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