Khartoum (Sudan), 12th June 2016 – The Development Bank of Rwanda (BRD) has entered into a US$15 million facility agreement with the Arab Bank for Economic Development in Africa (BADEA) to boost the Bank’s lending to the private sector.
The signing ceremony was held on Sunday 12th June 2016 in Khartoum (Sudan) at BADEA’s headquarter. The BRD’s Chief Executive Officer, Alex Kanyankole signed on the side of BRD.
Speaking after signing, The Director General of BADEA, H.E Dr. Sidi Ould Tah recognized “BRD as well-known to BADEA as an important instrument of the Government of Rwanda in its effort to bring about socio-economic development and prosperity to its people through implementing a well-thought development strategy and planning”.
In his speech, Kanyankole commended the consistent support from BADEA offered to BRD and also appreciated the existing excellent mutual cooperation between the two Banks.
“We are honored to receive this amortizing term loan facility which will be utilized and boost BRD’s efforts in providing long term financing to acceptable sub-borrowers engaged in development projects in Rwanda, particularly Small and medium enterprises”, said Kanyankole.
He further stressed, “BADEA has consistently played a commendable role in strengthening the Development of SMEs in Africa, and this facility boosts our capacity enabling increased access to finance for Rwandan SMEs.”
Kanyankole noted that from 2012, this is the 2nd facility offered by BADEA to BRD. The first facility granted was a US$ 5 Million concessional facility through the Government of Rwanda to BRD – which in addition to the US$15 million received – totals US$20 million financing extended to the Bank over three years.
In line with meeting the Vision 2020 and EDPRS phase two targets, BRD has embarked on resource mobilization efforts to facilitate its ambitious target of achieving authorized loan portfolio of Rwf86 billion to finance private development projects during the year 2016.
The Arab Bank for Economic Development in Africa (BADEA) was established pursuant to the resolution of the 6th Arab Summit Conference at Algiers (28th November 1973). It is a financial institution owned by eighteen Arab countries members of the League of Arab States (LAS) which signed its Establishing Agreement in 18th February 1974. The Bank is an independent International Institution enjoying full international legal status and complete autonomy in administrative and financial matters. It is governed by the provisions of its Establishing Agreement and the principles of international law. It began operations in March 1975 and is headquartered in Khartoum (Sudan).