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Rwanda : AFDB inks $8M LOC with BRD
Publish Date : 05-Mar-2013
A US $8-million Line of Credit (LoC) has been inked between the African Development Bank (AfDB) and the Development Bank of Rwanda (BRD).
The LOC would support BRD lending to the agriculture, agro-processing, telecommunication, education and tourism infrastructure sectors in Rwanda.
Held in the AfDB national office in Rwanda, the signing ceremony, was chaired by AfDB Resident Representative in Rwanda, Negatu Makonnen and BRD Chief Executive Officer, Jack N. Kayonga.
Complementary to the LoC, a technical support package of up to USD730,800 offered to BRD by the Fund for African Private Sector Assistance (FAPA) and funded by the Government of Japan, the AfDB, the Austrian Development Bank and the Government of Austria will strengthen BRD\'s internal operational structures and systems. The grant aims to boost BRD\'s staff skills, information technology systems, appraisal systems, treasury and financial management, operations, credit risk management and internal controls.
BRD CEO, Jack N. Kayonga, said : \'The agreement which has just been signed illustrates the vitality of this cooperation which will enable BRD to be engaged in a program of reinforcement of its private sector and SMEs operations in Rwanda.\'
BRD Director of Finance, Emmanuel Murangayisa, said : \'This grant will contribute optimizing BRD management capacities, by which the Bank will able to be placed at a constant and favourable level of performance.\'
Makonnen, AfDB Resident Representative in Kigali, voiced gratitude to the Japanese and the Austrian Governments and people for their contribution to boost the private industry growth in Rwanda.
\'The AfDB line of credit and the FAPA technical assistance are aligned with AfDBs private sector operational priorities for long-term financing to support private sector development especially where long-term financing is scarce. This program will enable BRD to respond effectively to the challenges of developing and promoting the private sector and SME development Rwanda\', said Makonnen.
