UK doubles export finance for Rwanda

The United Kingdom has doubled its export finance for Rwanda from £50m to £100m (over Rwf102 billion). This was announced by the United Kingdom Trade Envoy to Rwanda, Lord Dolar Popat, who was recently in the country. Export finance are funds advanced by a lending institution -in this case the British government- against confirmed orders from qualified foreign buyers to enable the exporter to make and supply ordered goods. The exporter then arranges a commitment from the buyer to make the payment directly to the lender. This means that British companies will now have access to an extra £50m to help them bring British products, services and expertise into the Rwandan market. Popat said that the upward adjustment of the funds are proof of the UK’s commitment to trade with Rwanda and deepen economic ties. “It can help to fund everything from major infrastructure projects through to smaller commercial deals, and will be of great mutual benefit to our two great nations,” he said. Commenting on the soon to be launched flights between Rwanda and the UK by national carrier RwandAir, he said that this will serve to tighten trade and international ties. “As well as the RwandAir flights to London, UK Visas and Immigration recently announced priority visa service for Rwandan residents, making it easier than ever before to travel to the UK,” he said. editorial@newtimes.co.rw

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UK doubles export finance for Rwanda