AfDB grants $6 million to supports SMEs in Rwanda
The line of credit will focus on women entrepreneurs.The African Development Bank (AfDB) and Access Bank Rwanda have signed a $6 million loan agreement to support small and medium-sized enterprises (SMEs) in Rwanda.
The line of credit - deployed under the Africa SME Program - will support SME projects in economic sectors such as telecom, education, tourism and construction. It will focus on women entrepreneurs.
Access Bank Rwanda offers a variety of SME products including asset finance, invoice discounting and term loans. It is also in the process of launching new financial products and services exclusively for women, it said in a statement.
The Africa SME Program was launched in July 2013 to provide the necessary longer-term finance as well as a technical assistance package to address a number of constraints faced by approximately 25 target financial institutions and their SME clients across Africa.
Currently, Rwanda has about
SMEs. The sector makes up 98 per cent of all businesses in the country and
considered a vital segment of Rwanda's economic growth.