Published On: Mon, Jul 25th, 2016

Euro boost for Rwanda private sector funding

Euro Investment BankKIGALI, (CAJ News) – THE European Investment Bank has pledged to provide EUR 28 million (RWF 24 billion), alongside EUR 28 million being provided by Bank of Kigali, to back private sector investment across Rwanda.

This represents the first Rwandan operation under the European Investment Bank’s second East and Central Africa Private Finance Facility, a EUR 230 million regional lending scheme that supports private sector investment in Rwanda, Burundi, Uganda, Tanzania, Kenya and the Democratic Republic of Congo.

Dr Diane Karusisi, CEO Bank of Kigali, says Rwanda’s medium term goal is to build a private sector led economy, support job creation and ultimately transform people’s livelihoods.

This new investment has created more than 4 000 new jobs in construction, manufacturing, tourism, agriculture and transport companies.

‘This, to us is a very important transaction that will back Bank of Kigali’s efforts of expanding access to finance for private investment; we are looking forward to working closely with the European Investment Bank,” says Karusisi.

Pim van Ballekom, European Investment Bank Vice President responsible for Rwanda, says the European Investment Bank supports private sector investment across Africa.

“We are pleased to build on our strong track record in East Africa through this new initiative that will unlock economic opportunities and create jobs across Rwanda,” says Ballekom.

The European Investment Bank is Europe’s long-term lending institution, owned directly by the 28 European Union member states and the world’s largest international public bank.

Over the last five years the European Investment Bank has provided EUR 22 million to support investment by companies in Rwanda in cooperation with three local banks..
CAJ News

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