Rwanda’s SMEs received a boost as The East African Development Bank (EADB) launched a $36m fund to cater to their financing needs. The credit line, targeting 500 SMES in sectors like agriculture and manufacturing, will be channeled through local lenders like BRD and Duterimbere Imf Plc. Many SMEs in Rwanda are still recovering from Covid-19 setbacks, facing acute financing needs.
Acknowledging the Government’s support, Vivienne Yeda, the Director General of EADB, highlighted the crucial role SMEs play in East Africa’s economies. Mutesi Rusagara, the state minister, emphasized SMEs’ contribution to Rwanda’s GDP and job creation.
BRD CEO, Pitchette Kampeta Sayinzoga, expressed enthusiasm for the collaboration with EADB. The fund aims to provide sustainable financing to local SMEs, addressing their financial challenges. Ngabonziza Alphonse, CEO of Duterimbere IMF PLC Bank, hopes the fund will enable SMEs to grow and overcome their access to finance issues.