IFC Invests $10 Million In Rwanda Bank to increase access to finance for SMEs

SMEs account for 98 percent of all businesses in Rwanda, and contribute more than half of its total gross domestic product. However, most lack sufficient access to finance, leading to an estimated $1.2 billion finance gap. IFC’s loan will promote access to finance for SMEs, and other underserved market segments in Rwanda.

IFC is playing a significant role in improving financing for SMEs, which are a source of growth, jobs and innovation. However, access to finance remains a leading constraint to SME growth in Sub-Saharan Africa, where 350 million new jobs will be needed in the next 20 years.

Source: New Business Ethiopia

 

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