(Ecofin Agency) - The International Finance Corporation (IFC) announced last May 28, it will grant a $10 million subordinated loan to I&M Bank Rwanda, a local subsidiary of Kenyan group I&M Holdings Ltd. The fund will be used to support SMEs which account for 98% of total businesses in Rwanda. It will also help the RSE-listed company to enhance its capital base. Main beneficiaries include companies active in tourism, agriculture and trade. In addition, MD Robin Bairstow (photo) said the bank was exploring other high-growth companies to benefit from these resources. Let’s recall that last year, I&M Bank Rwanda achieved a 6.5 billion Rwandan Francs ($11.6 million) net profit, up 12% compared to the 5.8 billion Rwandan Francs in 2016. 

Chamberline Moko