The African Development Bank (AfDB) and the Bank of Kigali have signed a $12 million line of credit and a $500,000 grant agreement for technical assistance from the Fund for African Private Sector Assistance (FAPA).
AfDB says the credit will improve the Bank of Kigali’s liquidity and improve the ability to support key economic sectors, such as infrastructure, manufacturing, agri-business and tourism.
The line of credit will also generate employment and business opportunities, especially for micro-small-and medium-enterprises, the Bank said November 17, 2011 in a statement.
“The technical assistance grant will strengthen the capacity of the Bank of Kigali as it pursues its strategy to bank the unbanked population and increase financial services in Rwanda. It will improve the Bank’s capacity, including designing and implementing environmental policy and aligning it to Rwanda’s commitment to environmental conservation for sustainable economic development,” said AfDB.
Mr. James Gatera, managing director of Bank of Kigali Limited was quoted in the statement as saying “I am pleased that the Bank of Kigali is once again able to secure wholesale funding at competitive rates. This credit line will enhance the Bank’s ability to increase provision of financial services in Rwanda. In addition capacity building remains a critical issue in the industry and the grant will advance the capabilities of our staff and systems, thus improving service delivery.”
The Bank of Kigali is the largest bank currently operating in Rwanda.
By Ekow Quandzie