BRD $15m deal with Arab bank to boost lending

Development Bank of Rwanda (BRD) has entered into a $15-million facility agreement with the Arab Bank for Economic Development in Africa to boost its lending capacity to the private sector. The signing ceremony took place, yesterday, at the Arab Bank for Economic Development in Africa (BADEA) headquarters in Khartoum, Sudan. The BRD chief executive, Alex Kanyankole, signed on the side of BRD. Speaking after signing, the Director-General of BADEA, Dr Sidi Ould Tah, recognised “BRD as well-known to BADEA as an important instrument of the Government of Rwanda in its effort to bring about socio-economic development and prosperity to its people through implementing a well-thought development strategy and planning.” Kanyankole commended the consistent support BADEA offered to BRD and also appreciated the existing excellent mutual cooperation between the two banks. Alex Kanyankole, BRDs Chief Executive, shakes hands with Director-General of BADEA, Dr Sidi Ould Tah after signing the agreement. (Courtesy photo) “We are honored to receive this amortising term loan facility which will be utilised to boost BRD’s efforts in providing long term financing to acceptable sub-borrowers engaged in development projects in Rwanda, particularly Small and medium enterprises,” said Kanyankole. “BADEA has consistently played a commendable role in strengthening the development of SMEs in Africa, and this facility boosts our capacity enabling increased access to finance for Rwandan SMEs.” This is the second facility offered by BADEA to BRD sicne 2012, according to Kanyankole. The first facility granted was a $5 million concessional loan through the Government of Rwanda to BRD, which, in addition to the $15million received, totals $20 million financing extended to the bank over three years. In line with meeting the Vision 2020 and the second Economic Development and Poverty Reduction Stategy targets, BRD has embarked on resource mobilisation efforts to facilitate its ambitious target of achieving authorised loan portfolio of Rwf86 billion to finance private development projects during 2016. The Arab Bank for Economic Development in Africa (BADEA) was established pursuant to the resolution of the 6th Arab Summit Conference at Algiers (November 28, 1973). It is a financial institution owned by eighteen Arab countries members of the League of Arab States (LAS) which signed its Establishing Agreement on February 18, 1974. editorial@newtimes.co.rw

News

BRD $15m deal with Arab bank to boost lending