The European Investment Bank (EIB) and Bank of Kigali have sealed their largest ever venture that will avail Rwf 60billion for the Rwandan lender to finance investments across the country.
In the deal signed today on the sidelines of the ongoing two-day Africa CEO Forum in Kigali, the EIB will provide a Rwf 30billion credit line for BanK of Kigali, a member of BK Group Plc.
The new financing from the EIB will be matched by Bank of Kigali and unlock a total of RWF 60 billion of new private sector investment across Rwanda.
“Addressing the need for affordable and long-term business financing enables the private sector to become the leading player in the development of the country by steering a transformational and industrial economy,” said Dr Diane Karusisi, Chief Executive Officer of BK Group Plc.
Ambroise Fayolle, Vice President of the European Investment Bank said, “Accelerating private sector investment is crucial to create jobs, unlock opportunities and enable businesses to succeed…”
Nicola Bellomo, the EU envoy in Kigali witnessed the signing.