Public Management

Rwanda: EIB teams up with BRD to support Covid-affected businesses

Rwanda: EIB teams up with BRD to support Covid-affected businesses
Wednesday, 24 November 2021 15:49

The European Investment Bank (EIB) announced that it has partnered with the Rwanda Development Bank (BRD) to support businesses affected by the Covid-19 pandemic in the country. Under this agreement, the beneficiaries will receive €30 million ($33 billion) from both partners.

The covid-19 pandemic has hit Rwandan companies hard and new investment is essential to overcome health, business, and trade challenges. The European Investment Bank’s partnership with the Development Bank of Rwanda will unlock essential new investment,” said Uzziel Ndagijimana, Minister of Finance and Economic Planning.

The new resources will be managed by BRD and provided in particular to women- and youth-owned businesses. They will be available in local currency, dollars, or euros with maturities of up to 10 years.

Rwanda has already benefited, under the "East Africa covid-19 Response Facility", of €175 million from the EIB, of which €95 million are managed by the Bank of Kigali and KCB Bank Rwanda.

According to the International Food Policy Research Institute (IFPRI), the lockdown period increased the poverty rate by 10.9 percentage points and 1.3 million people in rural areas fell into temporary poverty. Also, the restrictive measures have caused economic activity in the industrial and service sectors to fall by 57% and 48% respectively.

Jean-Marc Gogbeu (intern)

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• DRC launches Copirap to streamline over 1,000 parafiscal levies• Reform aims to ease business climate, boost investment, competitiveness• Commission to...
• CBK licenses 27 more digital lenders, total now 153• Sector disbursed $594M in loans by June 2025• New draft rules propose tiered licensing,...
UBA extends rights issue to September 19, seeks NGN157 billion Offer includes 3.16B shares at NGN50 each, 1-for-13 ratio Move supports...
Government tasks KPMG with 60-day review of AT Ghana and Telecel stake. AT Ghana burdened with $289 mln debt, market share down to under...
Most Read
01

Over the past two decades, mobile money has grown into a cornerstone of African finance. Driven by i...

Africa’s Mobile Money Boom: A New Frontier for Global Payment Giants
02

• Tanzania to host investor talks on expanding CNG infrastructure• Government aims to boost CNG use,...

Tanzania Looks to Compressed Natural Gas to Ease Dependence on Costly Oil
03

Nigeria eyes $671m data center market by 2030, seeks Chinese investors. Rising mobile da...

Nigeria Courts Chinese Investors for $671 Million Data Center Market
04

• Lucara secures $10M loan for Karowe underground project• UGP faces delays, costs rise to ...

Botswana Diamond Mine Expansion, Now Costing $683 Million, Faces New Review and Delays
05

• Union Bank merges with Titan Trust, forms single entity• All TTB assets, branches now under the Un...

Nigerian Banks Union and Titan Trust Complete Merger, Forging a Larger Lender
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.