Rwandan SMEs to get credit line access

Nov 12, 2010

Small and medium-sized enterprises (SMEs) in Rwanda are to receive access to finance as a result of new credit lines being funded by the African Development Bank (AfDB).

Bobby Pitman, Vice-President for Infrastructure, Private Sector and Regional Integration at the AfDB, said it is in discussions regarding how to improve lending to businesses in the country, the New Times reports. "We have engaged in dialogue with several banks on how the credit line will help them and how big it will positively impact the community and contribute to private sector growth," he was quoted as saying.

The money will be used by SMEs working in industries such as agriculture, infrastructure energy and manufacturing and Mr Pitman noted it will help drive economic growth and increase employment.

Last month, Governor of Rwanda's central bank Francois Kanimba told Business Times the country's financial sector has improved over the past 12 months and lenders in the nation now have a "significant buffer" to protect them from any major economic shocks.