Rwanda Development Bank receives €6m credit line to fund SMEs
The African Development Bank (AfDB) and the Development Bank of Rwanda (BRD) signed on March 5th an $8 million (€6.1 million) credit line to support BRD lending to small and medium-sized companies in Rwanda.This partnership is expected to increase SME finance, job creation and government revenues, the New Times reports.
A technical assistance package of up to $730,800 was also provided to the BRD by the Fund for African Private Sector Assistance (FAPA), Japan, Austria, the AfDB and the Austrian Development Bank to strengthen the bank's internal operational structures and systems.
"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, especially where long-term financing is scarce," said AfDB representative in Rwanda Negatu Makonnen.
BRD is Rwanda's leading development bank specialising in SMEs. Its key growth areas include agribusiness, manufacturing, micro-finance, information and communication technology, hospitality, education, healthcare, energy and water.