Kigali, Rwanda – September 20, 2024 – The Bank of Kigali (BK) is proud to announce a new partnership with the Embassy of Sweden in Kigali to launch a USD 10 million loan portfolio guarantee aimed at supporting the growth of Small and Medium Enterprises (SMEs) in Rwanda. The official signing ceremony will mark the beginning of this strategic initiative, which seeks to provide financial backing for SMEs in key sectors of the economy contributing to descent job creation and inclusive green growth.

Through this collaboration, the Embassy of Sweden in Kigali will cover 70% of the SME loan portfolio, ensuring that qualifying SMEs can access loans with flexible terms ranging from USD 5,000 to USD 350,000 for a period of 3 to 60 months. This 8-year coverage period will allow eligible businesses to scale their operations, contribute to economic development, and create employment opportunities.

Dr Diane Karusisi, CEO of the Bank of Kigali, expressed her excitement about this partnership, stating, "This partnership with Embassy of Sweden in Kigali is a game-changer for SMEs in Rwanda. By providing a safety net that allows us to extend more flexible and accessible financing, we are enabling businesses to innovate, expand, and compete on a larger scale. At Bank of Kigali, we believe that empowering SMEs is crucial for driving inclusive growth, and this guarantee is a powerful step towards a more dynamic and resilient Rwandan economy.”

Key benefits of the portfolio guarantee include: