Apex bank allocates $10m to support trade growth in Rwanda

folarin okunola

October 2, 2015 3:10 PM

The aim is to support BRD’s efforts to finance trade diversification and promote value-added exports.

New president of the Afreximbank, Dr. Benedict Oramah

The African Export-Import Bank (Afreximbank) and the Development Bank of Rwanda (BRD) have signed a facility agreement for a 10 million dollar Afreximbank line of credit to support Rwanda’s productive sectors.

A statement by Afreximbank on Friday, said the bank’s President, Dr Benedict Oramah, said the new facility was an addition to an existing 15 million dollar facility.

Oramah said the new support had brought Afreximbank’s support to BRD to 25 million dollars of aggregated financing.

The approval of the facility was part the bank’s strategy of facilitating the acceleration of the economic transformation of its members states, said Oramah.

According to him, the decision to scale up the bank’s support to BRD is in recognition of the Rwandan institution’s good track record in servicing its obligations under the existing facility.

Alex Kanyangole, the Chief Executive Officer of BRD, commended Afreximbank for its commitment to driving change in Africa.

Kanyangole said the bank’s sustained support to BRD in promoting trade development and fostering the growth of local private sector in Rwanda was yielding results.

Such collaboration, he explained, underscored the critical role that financial institutions could play in supporting meaningful development in Africa.

Saleh Habimana, Rwandan Ambassador to Egypt, said that Afreximbank’s funding initiatives had developmental impact across Africa and provided opportunities for Africans to improve their lives

BRD is a public company incorporated on Aug. 5, 1967 as a provider of long-term finance to productive enterprises in the private sector in Rwanda.

READ: Nigerian to head top continental bank

Afreximbank is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.

Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization and the Charter, which governs its corporate structure and operations.

Since 1994, Afreximbank has approved almost 35 billion dollars in credit facilities for African businesses, including about 4.5 billion dollars in 2014.

Afreximbank is headquartered in Cairo.

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