Rwanda Secures Support For SMEs

The Bank of Kigali, Rwanda, has secured Rwf 60 billion in support for small and medium scale enterprises. Under the arrangement the European Investment Bank will provide Rwf 30 billion in credit with the Bank of Kigali also committing Rwf 30 billion in a bid to increase the provision of affordable financing for the sector.

Speaking on the agreement Ambroise Fayolle, vice president of the European Investment Bank, stated, "The new Rwf 60 billion deal will ensure that Rwandan companies build on their strengths and contribute to sustainable economic development in Africa."

Having signed the deal on the sidelines of the recently concluded Africa CEO Forum, the credit line will have a maturity period of seven years with an interest rate between four and five per cent.