The European Investment Bank plans to grant a new long-term facility of 30 million euros to the Development Bank of Rwanda (BRD) for Rwandan companies, through its rapid response mechanism to the Covid-19 crisis in East Africa, and by the BRD’s own funds.
The EIB financing was concluded on 23 November 2021 in Kigali as part of a financing agreement signed between Uzziel Ndagijimana, Rwandan Minister of Finance, Thomas Ostros, EIB Vice-President, and Kampeta Sayinzoga, Managing Director of BRD.
“We are honored to receive this investment from the European Investment Bank to facilitate the development of the private sector, especially small and medium-sized enterprises … More specifically, this investment will allow the BRD to provide long-term loans to companies ready to invest directly in Rwanda’s recovery process. ”Said Managing Director Kampeta Sayinzoga.
The new targeted financing plan will include support for companies in the sectors most affected by the commercial, economic and health challenges triggered by the Covid-19 and will unlock investments to accelerate the recovery of the private sector after the pandemic.
“The 30 million euros of new financing which will be managed by the Development Bank of Rwanda and which has been agreed today will help strengthen the economic recovery in Rwanda after the Covid-19 epidemic”, said Thomas Östros, Vice-President of the European Investment Bank.
The BRD-EIB financing agreement follows that of last month, where Rwanda was the first country in East Africa to benefit from the streamlined COVID-19 response facility for Africa East, with a duration of 175 million euros, during which 95 million euros of new financing managed by Bank of Kigali Plc and KCB Bank Rwanda were unveiled.
