Cairo (Egypt), 22nd September 2015 – The Development Bank of Rwanda (BRD) has entered into a US$10 million facility agreement with the African Export-Import Bank (AFREXIMBANK) to boost the Bank’s lending to the private sector.
The signing ceremony that was held on Tuesday 22nd September 2015 in Cairo (Egypt) at the side-lines of the inauguration of AFREXIMBANK’s headquarters building and investiture of the new President of the Bank. The Chief Executive Officer, Alex Kanyankole and Chief Financial Officer, Emmanuel Murangayisa signed on the behalf of BRD in the presence of Sheikh Saleh Habimana, the Rwandan Ambassador to Egypt.
Speaking after signing, Kanyankole commended the consistent support from AFREXIMBANK offered to BRD and also appreciated the existing excellent mutual cooperation between the two Banks.
“We are honored to receive this amortizing term loan facility which will be utilized and boost BRD’s efforts in providing long term financing to acceptable sub-borrowers engaged in trade related activities in Rwanda, particularly SMEs”, said Kanyankole.
He further emphasized, “AFREXIMBANK has consistently played a commendable role in strengthening the capital base of African DFIs, and this facility boosts our liquidity enabling increased access to finance for Rwandan businesses.”
Kanyankole noted that from 2012, AFREXIMBANK granted US$15 million to BRD – which in addition to the US$10 million received – totals US$25 million financing extended to the Bank over three years.
In line with meeting the Vision 2020 and EDPRS phase two targets, BRD has strengthened its resource mobilization efforts to facilitate its ambitious target of achieving authorized loan portfolio of Rwf65 billion (up from the Rwf60 billion registered in 2014) to finance private development projects during this year.
AFREXIMBANK was established in October 1993 by African governments, African private and institutional investors, and non-African investors to finance and promote intra- and additional -African trade. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. AFREXIMBANK is headquartered in Cairo (Egypt).
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