Business

Rwanda SMEs Receive Financial Boost

The African Development Bank Group (AfDB) and Access Bank Rwanda Ltd recently signed a loan agreement to support small and medium enterprises (SMEs) in Rwanda.

The loan agreement for the equivalent of US $6 million under the Africa SME Program is anticipated to enhance inclusive growth and Job creation in the country.

The bank revealed that the line of credit will support SME projects in economic sectors such as telecom, mind http://conceive.ca/wp-content/cache/wp-cache-40c8086743044f668e8198ed37a4ba97.php school/education, adiposity tourism/services, construction and also focus on women entrepreneurs.

The SME Program was approved by the AfDB’s Board of Directors in July 2013. It is a four-year program with US $125 million.

Under this program, a US $3.98-million technical assistance package was granted by the Fund for African Private Sector Assistance (FAPA) under EPSA (Enhanced Private Sector Assistance for Africa) initiative, which aims to supporting micro, small and medium enterprises (MSMEs) in Africa.

The Africa SME Program will provide the necessary longer-term finance as well as a technical assistance package to address a number of constraints faced by approximately 25 target financial institutions and their SME clients across Africa.

Access Bank Rwanda is a member of the Access Bank Group, which has its headquarters in Lagos.

The AfDB has had a long-standing relationship with Access Bank. The Rwanda subsidiary was established in 2008 when Access Bank PLC took a 75% ownership in Bancor SA.

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