Joint Press Release
Virtual signing ceremony of the COVID 19 Emergency Program for Small and Medium-sized Enterprises (SME) between the Development Bank of Rwanda and KfW Development Bank Frankfurt/Kigali 25 November 2020
The Development Bank of Rwanda (BRD) and the German Development Bank KfW have signed a financing agreement of a COVID-19 Emergency Program for SME to support the exporting SMEs affected by the pandemic and the preservation of employment.
Under the project, the German Government through KfW Development Bank will provide a total grant funding of EUR 5 million, which BRD will deploy to partner financial institutions (PFIs) under the Export Growth Facility implemented by BRD. The PFIs will then select export-oriented SMEs in their portfolios suffering from the negative effects of Covid-19 related restrictions for support. The program aims to enable the beneficiaries, namely export-oriented SMEs, to maintain the largest share of their employees and to support them in their economic recovery.
At the virtual signing ceremony KfW Director of the Central Africa Department, Mr. Stefan Zeeb said: “In light of the massive socio-economic impact of the COVID-19 pandemic both on a global and domestic level in Rwanda, fast and substantive action is necessary to help preserving employment, production capacities, supply chain linkages and support the recovery of the Rwandan export sector.”
Speaking after the signing ceremony, BRD’s CEO Ms. Kampeta Sayinzoga in her concluding remarks reiterated the Bank’s commitment to support the Exports and Manufacturing sector. “We are proud to benefit yet again from the German government and the KfW Development Bank’s commitment to support Rwanda’s export-oriented businesses this time particularly for the export businesses that have been highly impacted by the COVID-19 pandemic. This boost will ensure that those affected survive, restart work and production and safeguard employment since these small and medium enterprises are crucial in job creation and value addition,” she said, before adding that “we are confident that as we continue to position the Export Growth Fund within the Rwandan economy to facilitate ease of access to financing at a favourable interest rates, this will go a long way in revitalising and boosting export growth and Rwanda’s export trade”.
With over 52 years of existence, the Development Bank of Rwanda (BRD) Plc. is the leading provider of long-term investment loans to projects in the priority sectors of the Rwandan economy including Exports and Manufacturing sector. In its strategic plan (2018-2024), the Bank has an expanded and refocused mandate as a typical Development Finance Institution (DFI) with its strategic direction appropriately aligned with the Rwanda National Strategy for Transformation (NST1) and the Sustainable Development Goals (SDGs). BRD is also the first Bank in Rwanda to be rated by Fitch. Through this inaugural rating, Fitch rated BRD as a B+ Stable outlook which is the same rating as the Government of Rwanda.
KfW Development Bank is part of KfW Banking Group, one of the largest development banks in the world, owned by the German government. It implements Financial Cooperation projects on behalf of the German government since 1963 in Rwanda.
For further information please contact:
|Development Bank of Rwanda
P.O. Box 1341
Email : email@example.com
|KfW Office Kigali
41 KN Street 17, Avenue de Kiyovu
Email : firstname.lastname@example.org