African Export –Import Bank to boost local investment

Another financial institution has expressed interest in investing in Rwanda’s hotel and transportation industries African Export –Import Bank, a financial institution that promotes exports and imports from Africa has expressed interest in boosting the financial capacity of Rwanda’s investors. Speaking to The New Times in an interview last week, Jean –Loius Ekra, the president of African Export –Import Bank, said as one of the shareholders of the Bank, the Rwandan business community can easily access financial services offered by the Bank. Ekra said that senior officials from the Bank including the president himself had visited Rwanda five months ago and held discussions with Rwandan investors. “We are working closely with the Rwandan Finance minister to see how we can assist boost local investment in the country. We want to boost the capacity to local entrepreneurs to expand their current operations which are still small so that they can also start operating on a large scale. This will give them an opportunity to enjoy economies of scale,” he said. He explained that the Bank had also done feasibility studies in hotel business and transportation sector where it intends to invest. “We are going back to Rwanda early next year to finalize our investment plans. Within the hotel business we want to come in improve and expand on some of the already existing hotels. We also intend to hold discussions with the business community in response to some of the business proposals we have so far received,” he added. Mr. Jean noted that in the face of the financial crisis African countries must increase trade amongst themselves to cope and also enhance the marketability of its exports through product diversification and quality improvement. The Bank president was in Kampala for the convening of fifteenth general meeting of the shareholders that opened on Saturday to deliberate on mid –term operations and activities of the Bank. African Export –Import Bank is a pan African Eximbank with a mandate of promoting intra and extra African Trade. The Bank has an authorized share capital of $750m. Apart from governments, its shareholders include African multinational institutions, as well as African and non-African financial institutions and private investors. Ends

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African Export –Import Bank to boost local investment