Rwandan SMEs to get BRD assistance
Small and medium-sized enterprises (SMEs) in Rwanda that are struggling to find finance are to benefit from a new funding package from the Rwanda Development Bank (BRD).The BRD is partnering with commercial banks and microfinance institutions to identify businesses that are most in need of the money and is offering Rwf7.8 billion (€9.2 million) in grants and loans to these firms, the New Times reports.
The majority of the cash (Rwf3.2 billion) will be handed to companies operating in the business sector, while Rwf3 billion will be spent on advisory and training services and Rwf1.5 billion will be used to boost the fortunes of agriculture enterprises. Grants and Funds Manager at the BRD Janet Kanyambo was quoted by the news source as saying the aim of the initiative is to assist "SMEs who may have viable businesses but may lack guarantees to acquire funds to run or start their businesses". Rwandan SMEs are also receiving assistance from the Dutch Government, as the country has been included in its five-year, €25 million MESII project, which aims to support the growth of small firms across Africa.