Luxembourg, 05/02/2007 (Agence Europe) - In Kigali on 2 February, the European Investment Bank signed two Global Loan Agreements, one for €7million with the Banque Rwandaise de Développement (BRD) and one for €3million with the Banque Commerciale du Rwanda (BCR).
The two credit lines aim to increase the flow of long-term funds for SME development in Rwanda. The facility will enable the BRD and the BCR to provide long-term loans and structure leasing operations in euro and in Rwandan francs. The amount of the loan is in line with the current funding requirement of the two banks. The current facility specifically supports the development of export-oriented enterprises through two of the best performing banks in Rwanda. Both banks have a strategic goal of developing their SME portfolio, making use of their well-established branch-network. They also have a tradition of providing diversified financial services to Rwanda's private sector.
This is the first operation of the EIB under the Cotonou Agreement Investment Facility. The Banque Rwandaise de Développement (BRD) signed its first operation with the Bank in 1983. It also fully utilised an €8 million line of credit during the period 2000-2003. This is the EIB's first operation with the BCR, although the EIB has long-standing relationship with its parent company, ACTIS. (ol)