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European bank extends US$29.6mn to Rwandan SMEs

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Thursday, 15 March 2018

European bank extends US$29.6mn to Rwandan SMEs

The European Investment Bank (EIB) has extended US$29.6million (€24million) loan to two local banks for financing small and medium sized firms in Rwanda. The bank signed the US$19million loan with the Development Bank of Rwanda and another one with I&M Bank of Rwanda at US$10milllion. In addition, the bank also signed a US$55.4million (€45million) long term loan with the Rwandan government to finance sewage and waste water projects in the capital Kigali. The entire project, expected to cost US$118.2 million (€96 million), will be financed alongside the African Development Bank and the Rwandan government. Present during the signing were Maria Shaw-Barragan, the EIB director responsible for lending operations outside Europe and senior representatives of the Development Bank of Rwanda and I&M Bank of Rwanda. Also present was the European Union Ambassador to Rwanda, Nicola Bellomo. Barragan said the new investment, to be matched with the two institutions, will enable the country’s entrepreneurs and businesses seeking to expand activity to benefit from long term loans in Rwandan francs and the US dollars. “The European Investment Bank is committed to supporting private sector investment across Africa and we are pleased to build on previous successful lending initiatives with two leading Rwandan financial institutions,” she said.

Source: The Independent