Rwanda: The Development Bank of Rwanda receives a $10 Million credit Line

Jul 08, 2013

The Development Bank of Rwanda (BRD) has received a $10 million (€7.8 million) credit line from the East African Development Bank (EADB).

The EADB provides a broad range of financial services to its member
states, Kenya, Uganda, Rwanda and Tanzania, aiming at strengthening economic development and regional integration. This is the second major credit line by EADB to BRD in four years. The BRD, established in 1967, is one of the leading providers of long-term finance for development projects of the government of Rwanda's priority sectors of the economy. The funds will be used for financing SMEs in the private sector, said
BRD CEO Jack Kayonga. The bank intends to invest as much as $75 million in various projects annually. Duncan Mwesigye, who represented EADB at the signing ceremony, said that the future of Rwanda, like that of any other East African member
state, depends on the capacity of SMEs to innovate and access new markets. The BRD should focus on financing women, youth and rural areas, where 90 per cent of the population
live, in sectors such as micro-finance, information and communication technology, hospitality, education, health care, energy and water.