Published: November 22, 2011
Rwandan bank receives US$12mn credit line and grant to support key sectors.
The African Development Bank (AfDB) has extended a US$12mn credit line and a US$500,000 grant to Rwanda’s Bank of Kigali to boost the bank’s liquidity and help it support certain sectors.
The money, from the AfDB’s Fund for African Private Sector Assistance (FAPA), will be lent by Bank of Kigali to companies in the infrastructure, manufacturing, agri-business and tourism industries.
The AfDB’s funding is in line with the Rwandan government’s strategy to deepen the availability of banking services to rural Rwandans, promoting agricultural growth and the growth of micro-, small- and medium-sized businesses.
James Gatera, managing director of Bank of Kigali, said: “I am pleased that the Bank of Kigali is once again able to secure wholesale funding at competitive rates. This credit line will enhance the bank’s ability to increase provision of financial services in Rwanda. In addition, capacity building remains a critical issue in the industry and the grant will advance the capabilities of our staff and systems thus improving service delivery.”