In an initiative that is set to benefit SMEs, Bank of Kigali (BK Group Plc) has signed a deal with the French Development Agency (AFD) for a credit line worth USD 20 Mn. The deal was signed recently by BK CEO Dr. Diane Karusisi and AFD Group CEO, Rémy Rioux.
The finances will be channeled to fund small and medium enterprises in agro business, ICT and renewable energy sectors. A Grant Agreement of USD 338K comprising of expertise capacity support in SME credit assessment will also be implemented with the AFD credit lines. The credit line has a maximum lending cap of USD 550K per firm and will especially go to firms with less than 100 employees.
According to the Rwandan Ministry of Trade and Industry, 98 percent of businesses are considered SMEs, contributing 41 percent of all private sector jobs in the nation. There are over 72,000 MSMEs operating in Rwanda.
Full article: KTPress