Development Bank of Rwanda (BRD) and Banque de Développement des Etats des Grands Lacs (BDEGL) have signed a $5 million line of credit to support BRD lending across the Bank’s priority sectors.
The signing was held on Friday in Kigali between BRD CEO Eric Rutabana and BDEGL Managing Director Emmanuel Ntaganda.
“This is a continuation of a fruitful collaboration that started three years ago between the two financial institutions,” said Rutabana.
BRD will repay the loan with the interest of 5% in the next five years but the period can be extended to 10 years.
Rutabana said the loan will be used to finance farming and construction of affordable housing projects.
BRD CEO Eric Rutabana says the agreement is a continuation of a fruitful collaboration between the two institutions that started 3 years ago. This is the 3rd credit line availed to BRD by #BDEGL since 2015 pic.twitter.com/jcz27EbCzc
— Development Bank of Rwanda, PLC. (@BRDbank) August 31, 2018
Ntaganda said BDEGL is pleased to keep working with BRD as it used well the previous loans and the fact that Rwanda has a firm economy.
For the last three years, BRD registered strong support from BDEGL with two lines of credit worth $8 million.
BDEGL was founded in 1980 with the mission of supporting the development of Rwanda, Burundi and Democratic Republic of Congo (DRC).
Each of Rwanda and Burundi has 18% shares while DRC has 4%. BRD is among other small shareholders