Cairo, 30 September 2015 – 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 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 developmental 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.
Media Contact: Fleur Tchibota (ftchibota@afreximbank.com Tel. +202-2456-4178)
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About Afreximbank:
The African Export-Import 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 in credit facilities for African businesses, including about $4.5 billion in 2014. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com