BRD’s U$10M to Boost SMEs

{{Rwanda’s Small Medium Enterprises ( SMEs) are expected to grow stronger with an extra financial boost worth U$10million secured by the Development Bank of Rwanda (BRD) from the East African Development Bank (EADB).}}

The U$10million credit will facilitate the BRD’s long-term financing of development projects that target expansion of SMEs throughout Rwanda.

This is the second time BRD has secured such funding from EADB. In October 2009, BRD secured $5m and has since been well serviced.

According to Jack Kayonga (former) Chief Executive of BRD, the credit facility will complement efforts by the government and the private sector in the promotion of SME’s.

Duncan Mwesigye the EADB Uganda country Manager noted, “We have a deliberate focus on women and youth, as well as massive investment in rural areas. Rwanda depends on the capacity of SMEs to innovate and access new markets.”