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Rwanda: AfDB Boosts Rwandese Private Sector

2013/03/18

The African Development Bank (AfDB) and the Development Bank of Rwanda (BRD) has signed an $8 million Line of Credit (LoC) to boost private sector development in Rwanda by supporting BRD lending to its agriculture, agro-processing, telecommunication, education and tourism infrastructure sectors.

The agreement as well provides BRD with a technical assistance package of up to $730,800 under the Fund for African Private Sector Assistance (FAPA) funded by the Government of Japan, the AfDB, the Austrian Development Bank and the Government of Austria.

The grant’s purpose is to give a wholesome reinforcement to BRD’s internal operational structures and systems.

Emmanuel Murangayisa, BRD Director of Finance, commented: “This grant will contribute optimizing BRD management capacities, by which the Bank will able to be placed at a constant and
favourable level of performance.”

The signing ceremony, which held in the AfDB national office in Rwanda, was chaired by Negatu Makonnen AfDB Resident Representative in Rwanda, and Jack N. Kayonga, BRD CEO.

Makonnen, AfDB Resident Representative in Kigali, said: “The AfDB line of credit and the FAPA technical assistance are aligned with AfDB’s private sector operational priorities for long-term financing to support private sector development particularly where long-term financing is scarce. This program will enable BRD to respond entirely to the challenges of developing and promoting the private sector and SME development Rwanda”

The Fund for African Private Sector Assistance (FAPA) is a multi-donor thematic trust fund that provides grant funding for technical assistance and capacity building to support implementation of the Bank’s Private Sector Development Strategy. To date, it has provided $35 million to 42 projects across the African continent. The FAPA portfolio includes regional and national projects in sectors such as Business Enabling Environment, Financial Institutions Support, Infrastructure, Trade and Micro, Small and Medium Enterprises.

BRD is Rwanda’s leading development bank specializing in Small and Medium Enterprises (SMEs) and as part of its 2010-2014 strategy, its key increase areas include priority SME sectors such as agribusiness, manufacturing, micro-finance, data and communication technology, hospitality, education, health care, energy and water.

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