AFDB signs US$ 12 million line of credit with Bank of Kigali
The African Development Bank (AFDB ) and Bank of Kigali (BK) have signed a US$ 12million line of credit and a US$ 500 grant agreement for technical assistance from the fund for African Private Sector.
According to the BK managing director, James Gatera the credit will improve the bank’s liquidity and its ability to support key economic sectors, such as infrastructure, manufacturing, agr- business and tourism.
“I am pleased that BK is once again able to secure wholesale funding at competitive rates, this credit line will enhance the bank’s ability to increase provision of financial services in the country,” Gatera said.
Negatu Makonnen the AFDB country director noted that the credit line will boost the economic growth by not only generating employments but also business opportunities, especially for micro-small and medium enterprices.
BK is expected to expand its corporate small and medium enterprises client base from the current 4,802 to 26,000 by 2017. It also aims to increase micro-small and medium-enterprise share to 77 percent, and the number of loan customers from the current 3,018 to at least 5,000 by 2017.