Rural investment facility uses Rwf400 million in loans

In its first year, the Rural Investment Facility (RIF) an agricultural development program under the Ministry of Agriculture has already drawn in loans Rwf400 million according to the PSF report. The facility which runs in partnership with the Private Sector Federation (PSF) has signed a memorandum of understanding with the latter to work with the business district service centers for rural consultancy to see RIF achieve its objectives. “As at the end of March this year, farmers had drawn funds in loans worth Rwf195.4 million but the new report that has been sent to BNR, shows an increase of more than Rwf400 million,” the report reads. The report also says that more than 50 projects have been financed in livestock, poultry with lower interest rate, 2 percent less compared to the going interest rate of the particular bank. PSF’s rural consultants help farmers in rural areas to come up with viable business plans for potential beneficiaries and urge them to solicit for funds from RIF. The total investment facility in the central bank is Rwf5.8 billion and the central bank is working with other commercial banks to see its efficiency and such banks include FINA bank, Bank Populaire, Bank of Kigali, Kenya Commercial Bank among others. According to PSF, the four year investment facility, in its first year delayed to pick up due to lack of awareness by the farmers. Ends

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Rural investment facility uses Rwf400 million in loans