Rwandan banks 'must act on SME finance programme'
Rwanda's Minister of Trade and Industry has urged commercial banks in the country to step up their interest in a programme set up to provide funding to small and medium-sized enterprises.Rwanda's Minister of Trade and Industry has urged commercial banks in the country to step up their interest in a programme set up to provide funding to small and medium-sized enterprises.
Francois Kanimba said at a meeting with commercial bank representatives that more needs to be done regarding indentifying schemes to be funded under the Hanga Umurimo initiative, the New Times reports.
Hanga Umurimo was set up by the government to provide financial assistance to entrepreneurs with sound business plans.
However, the scheme is set to end later this month and, at present, none of the financial institutions involved have committed funding to any of the 135 proposals put forward.
"Banks should solve the internal bureaucracy and confirm which business plans they have decided on financing because we have little time left," Mr Kanimba remarked.
The Bank of Kigali, which was named Bank of the Year by The Banker in 2010, is one financial institution involved and Head of Credit Jean Pierre Iyamuremye explained progress has been slow.
Some entrepreneurs who put forward good business plans "don't seem to have any knowledge about them" when the bank gets in contact to arrange a presentation, he said.