EIB and BRD back businesses affected by COVID-19

Rwanda: EIB and BRD back businesses affected by COVID-19

The European Investment Bank and the Rwandan Development Bank have launched an initiative to back new investments by companies affected by the coronavirus pandemic.

The new targeted financing scheme will include support companies in sectors most impacted by the trade, economic and health challenges triggered by COVID-19 and unlock investment to accelerate private sector recovery from the pandemic.

“The COVID-19 pandemic has hit Rwandan companies hard and new investment is essential to overcome health, business and trade challenges. I wish to thank the EIB for their firm support to private sector growth, water and medical investment in our country”, has declared Uzziel Ndagijimana, Rwandan Minister of Finance and Economic Planning.

Thomas Östros, VP of the European Investment Bank said “It is a pleasure to be in Rwanda with Finance Minister Ndagijimana and our long-standing partners at the Development Bank of Rwanda. The EUR 30 million of new financing to be managed by the Development Bank of Rwanda agreed today will help strengthen economic recovery from COVID-19 in Rwanda”.

Last month Rwanda was the first country in East Africa to benefit from the EIB’s streamlined EUR 175 million East Africa COVID-19 Response Facility Programme when EUR 95 million of new financing managed by Bank of Kigali Plc and KCB Bank Rwanda was unveiled.

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