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European Bank to Support Rwanda Private Investments

by Jean de la Croix Tabaro
8:47 pm
Workers sorting coffee

Workers sorting coffee

Bank of Kigali has received a loan worth €28 million (Rwf 24 billion) from the European Investment Bank (EIB) to support private sector investment across Rwanda.

The loan is part of the EIB’s second East and Central Africa Private Finance Facility, a €230 million regional lending scheme for Rwanda, Burundi, Uganda, Tanzania, Kenya and the Democratic Republic of Congo.

“Bank of Kigali has been recognised for innovation and commitment to financial inclusion and this new partnership reflects our shared desire to support private sector investment essential for economic growth in Rwanda,” said Pim van Ballekom, EIB Vice President responsible for Rwanda.

EIB’s support comes to complement the existing Rwf 24 billion being provided by BK for the nationwide program.

For BK, the money will help support Rwanda’s ambition to turn into a private sector led economy, support job creation and ultimately transform people’s livelihoods.

“This is a very important transaction that will back Bank of Kigali’s efforts of expanding access to finance for private investment,” said Dr. Diane Karusisi, CEO Bank of Kigali.

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The bank provided more than €59 million for infrastructure and private sector investment in Rwanda since 1977.

This includes past support for upgrading Kigali airport and improving energy infrastructure, as well as support for private sector investment.