BRD Receives $30m To Finance Development Projects

Rwanda’s Development Bank (BRD) signs a $30 million deal todayaimed at financing Rwanda’s Energy, Agriculture and Manufacturing sectors.

KT Press has learnt that the deal will also finance the country’s education sector and exports.

The funds from Banque de Développement des Etats des Grands Lacs (BDEGL) will be channeled through BRD.

“BDEGL loan will strengthen financing capacity of BRD in the productive projects of Small and Medium-Enterprises that meet the financing criteria,” Frank Abaho, Bank’s publicist has told KT Press.

Last year, BRD approved investment loans worth Rwf64 billion ($88 million) in the above sectors, contributing Rwf43 billion ($59 million) to the country’s GDP of Rwf5, 389 billion.

The BRD plans to expand its loan portfolio this year. “We want to inject Rwf65 billion ($90 million) in the economy to finance private and public projects that will see the country attain its aspirations.”

Rwanda, whose economy has grown 8% for the past decade, wants to attain a middle-income status with a GDP per capita of $1200 in the next five years.

A Rwandan Farmer attending to passion fruit garden.
A Rwandan Farmer attending to passion fruit garden.

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