Share the page
On Friday February 18th, Ms. Kampeta Sayinzoga, CEO of the Development Bank of Rwanda (BRD) and Mr. Arthur Germond, country Director of the Agence Française de Développement (AFD) in Rwanda, signed two financial agreements totaling 20.5 million EUR (24.3 billion RWF), aimed at supporting BRD in the rapid delivery of its development objectives. The signing ceremony was chaired by Honorable Dr. Uzziel Ndagijimana, Minister of Economic Planning and Finance of Rwanda and the French Ambassador, H.E. Antoine Anfré.
A 20 million EUR (23.7 billion RWF) long-term credit facility from AFD is dedicated to accompanying the growth of BRD's lending activity with clear agreed development targets. The credit facility allows BRD to access funding on a period of 13 years. This facility will further enable BRD to provide affordable loans to Rwandan Small and Middle enterprises, with an extended maturity of up to 15 years for Government priority sectors.
An additional 0.5 million EUR grant (592 million RWF) from AFD will specifically finance technical assistance to enhance BRD’s capacity to fulfil its mandate, in order to reach the following purposes:
- Strengthening the strategic positioning of BRD as a development bank, enabling it to create additionality in the Rwandan financial sector, and promote sustainable growth in the priority sectors of the national economy.
- Reinforcing the bank’s risk management and financial steering capacities, in line with its future strategy.
- Increasing BRD's developmental impact by supporting its positioning as a green bank through the definition of a climate strategy and the development of its environmental and social risk management and monitoring practices.
On the occasion of the signing ceremony, the Minister of Economic Planning and Finance, Dr Uzziel Ndgajimana, declared: “Today, we are happy to witness the signing of the Line of Credit between BRD and AFD which will be accompanied by technical support to the bank in key functional areas such as Investment Strategy, processes and organization reviewing, Fundraising function improvement, Climate Strategy definition, Environmental and Social responsibility and impact measure's function development. The financing will complement Government of Rwanda’s Economic Recovery efforts by availing relatively affordable financing opportunities to Rwandan businesses.”
Ambassador Anfré declared: “This signature is another concrete example of the normalization between France and Rwanda. The partnership between BRD and AFD, two sister institutions, will be critical in achieving the development goals set in Vision 2050”.
According to Ms. Kampeta Sayinzoga: “This unique facility was made possible by the strong bilateral relationship between France and Rwanda. This renewed mutual trust has enabled both institutions to take this bold step to strengthen access to finance for SMEs as a core objective of Rwanda’s Strategy, NST1. This facility will position BRD as a provider of green financing and patient capital.”
According to Mr. Arthur Germond from AFD, “This signing ceremony is another milestone in the long-standing partnership between our two institutions. It is another concrete result of the revitalization of Rwanda-France cooperation. AFD is happy to share its expertise and support for the Development Bank of Rwanda to reach its developmental mandate.”
Media contact:
- AFD: Bérénice Oreyo-Pierronnet
- BRD: Cynthia Mata Uwacu