Wednesday, 30 September 2015

News Release: Afreximbank Allocates $10 Million To Support Trade Growth In Rwanda

Afreximbank President Dr. Benedict O. Oramah (centre) joined by (L to R) Saleh Habimana, Rwandan Ambassador to Egypt; Kanayo Awani, Director, Trade Finance and Branches, Afreximbank; Alex Kanyangole, CEO, BRD; and Dr. George Elombi, Executive Vice President, Afreximbank, following the signing ceremony

The African Export-Import Bank (Afreximbank) and the Development Bank of Rwanda (BRD) have signed a facility agreement for a $10 million Afreximbank line of credit to support BRD’s efforts to finance trade diversification and promote value-added exports in Rwanda’s productive sectors.

At a signing ceremony held at the Afreximbank Headquarters in Cairo on 22 September, Bank President Dr. Benedict Oramah said that the new facility was an addition to an existing $15 million facility and brought Afreximbank’s support to BRD to $25 million 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 Dr. Oramah. According to him, the decision to scale up the Bank’s support to BRD was in recognition of the Rwandan institution’s good track record in servicing its obligations under the existing facility.

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

Also speaking, Saleh Habimana, the 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 5 August 1967 as a provider of long term finance to productive enterprises in the private sector in Rwanda.

Fleur Tchibota
Afreximbank External Communications

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