Published: September 22, 2011
US$11mn funding package to develop private sector.
The European Investment Bank (EIB) has invested €8mn (US$10.9mn) in an initiative designed to develop private-sector businesses in Rwanda.
The funding will be managed by the government’s development bank, Banque Rwandaise de Developpement (BRD), as part of the Rwandan Private Sector Support Initiative.
“Growth of the private sector is essential for economic development and poverty reduction in Rwanda,” said Michel Arrion, head of the EU delegation to Rwanda.
BRD will provide loans in US dollars, euros and Rwandan francs to businesses in the industrial, agricultural, services and tourism sectors.
The Rwanda Private Sector Support Initiative includes a technical assistance programme to support BRD in electronic banking and to improve its risk and credit analysis.
The EIB’s previous funding programme in Rwanda helped 17 businesses to create more than 600 jobs in the agricultural, tourism, education and telecommunications sectors.