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European Investment Bank Injects €24million To Boost Jobs In Rwanda

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European Investment Bank Injects €24million To Boost Jobs In Rwanda

This morning, Rwanda has secured a financing deal that will help the country implement some policies that are aimed at creating more jobs.

The European Investment Bank has thus dished out €24 million to Rwanda to support private sector investment and job creation.

The loan will be managed by local banks, Development Bank of Rwanda (BRD) who will manage a credit of €15 million while a USD 10 million lending programme will be managed I&M Bank Rwanda.

The signing was officiated at Kigali Serena Hotel by the European Investment Bank Director Maria Shaw-Barragan the BRD CEO, Mr Eric Rutabana with I&M Bank Managing Director Robin Bairstow.

Shaw-Barragan is the EIB Director in Charge of Lending Operations outside Europe.

“We are delighted for the continued partnership between EIB and BRD. Together, this line of credit is set to benefit our customers of whom the majority are SMEs that are crucial in job creation and value addition which is among our core mandate,” Eric Rutabana the CEO of BRD told Taarifa, after appending his signature.

The loan will be managed by local banks, Development Bank of Rwanda (BRD) who will manage a credit of Eur 15 million while a USD 10 million lending programme will be managed I&M Bank Rwanda.

Meanwhile, Shaw-Barragan says that the European Investment Bank is committed to supporting private sector investment across Africa; “We are pleased to build on previous successful lending initiatives with two leading Rwandan financial institutions.”

According to her, thousands of new jobs were created by growing companies across the country as a direct result of recent EIB-backed lending by the Development Bank of Rwanda and I&M Bank Rwanda . The two new credit lines are building on this proven success.

“This new deal will make it possible to explore new sectors [tourism and agribusiness] while continuing to have a considerable influence on existing business mainly in trade sector,” said Robin Bairstrow, the I&M Bank Managing Director.

Over the last decade, the European Investment Bank has provided more than €7.9 billion for private sector investment across Africa.

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