Bank of Kigali (BK) has announced that it will continue supporting youth that have the most sustainable and lucrative projects by giving them interest-free loans for the capital.
The bank was announcing the top 25 winners of the Urumuri initiative event 2018 on Wednesday.
BK says that towards the end of 2018, 5 out of 25 youth companies that are participating in the competition will share Rwf60million after a 6-months training.
Dr Diane Karusisi BK Chief Executive Officer says that small companies that start with a long-term vision will become the true clients of this bank in the days to come.
She added that the Bank of Kigali alongside Inkomoko have pledged to hold this project called “Urumuri” every year.
”Last year, we gave out Rwf60 million, and we are going to give out the equivalent amount because those that received the money last year are paying out well. We have pledged to continue this initiative in the years to come.” She said.
BK announced that those 25 were selected from 102 companies by Inkomoko. This is an organization that supports high potential businesses in Rwanda with services that help entrepreneurs to build their skills, expand their networks and grow their businesses.
Nathalie Niyonzima the Managing Director of Inkomoko says companies that participated in the competition are selected mostly based on whether they have long-term activities and will offer job opportunities to as many people as possible.
“A project must be registered with RDB to be selected, should be generating an income of Rwf500 million per year, and must at least be six months old in operation. We also looked at whether the company will still be in operation in many years to come, and will offer jobs to as many people as possible.” Nathalie said.
Meanwhile, figures by the Rwanda Development Board indicate that despite a big number of people who come seeking to register new investments, more than 60 per cent of business companies shut doors before three years in operation.
Incorporated in 1966, BK is Rwanda’s largest commercial bank by total assets with 35.0 percent market share as of 30th June 2016.