The African Export-Import Bank (Afrexim Bank) has signed a $10million credit facility with the Development Bank of Rwanda (BRD). This took place at the 24th Afrexim Bank Annual General Meeting (AGM) of Shareholders taking place in Kigali, Rwanda.
The strategic partnership between both banks was signed by, the President and Board Chairperson of Afreximbank, Dr. Benedict Oramah and the Chief Executive of BRD, Alex Kanyankole.
The President and Board Chairperson of Afrexim Bank, Dr. Benedict Oramah on Monday said that Afrexim was looking at funding a number of initiatives in Rwanda to promote trade.
The Development Bank of Rwanda is expected to invest this money in developmental projects, which include energy, power, agro-processing and manufacturing.
This is part of the Afrexim Bank’s commitment towards ensuring that development and economic growth in Africa are achieved soonest.
What you didn’t know about Afrexim Bank
- Afrexim Bank is the foremost Pan-African multilateral financial institution devoted to financing and promoting African trade.
- It was established under two basic constitutive instruments which are the Agreement signed by member States and multilateral organisations, which gives the bank the status of an international multilateral organisation and the Charter, which governs its corporate structure and operations.
- The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.
- Afrexim Bank commenced operations on 30 September 1994, following the signature of a Headquarters Agreement with the host Government in August 1994.
- Since 1994, it has approved more than 51 billion dollars in credit facilities for African businesses, including about 10.3 billion dollars in 2016.
- Afreximbank has total assets of 9.4 billion dollars as at April 30, 2016
- The Bank is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch).
- The bank is based in Cairo, Egypt.
About the Development Bank of Rwanda
- Development Bank of Rwanda (BRD) is a Public Company Limited.
- It has a share capital of RWF 7.81 billion ($9.33million).
- For more than four decades, BRD has been the sole provider of long-term finance and has significantly facilitated the emergence of different productive enterprises in the private sector.