![[Rwanda] Bank of Kigali partners with European Investment Bank to boost private sector investment](Bank of Kigali.jpg)
[Rwanda] Bank of Kigali partners with European Investment Bank to boost private sector investment
An initiative by the Bank of Kigali to boost private sector investment throughout Rwanda with financing has received support from the European Investment Bank.
The EIB will provide the Bank of Kigali $30.7 million alongside another $30.7 million that Bank of Kigali will contribute for the nationwide programme.
The loan is part of the EIB’s second East and Central Africa Private Finance Facility, a $252 million regional lending scheme for Rwanda, Burundi, Uganda, Tanzania, Kenya and the Democratic Republic of Congo.
“Bank of Kigali has been recognised for innovation and commitment to financial inclusion and this new partnership reflects our shared desire to support private sector investment essential for economic growth in Rwanda,” said Pim van Ballekom, EIB Vice President responsible for Rwanda.
For Bank of Kigali, the money will help support Rwanda’s ambition to turn into a private sector led economy, support job creation and ultimately transform people’s livelihoods.
“This is a very important transaction that will back Bank of Kigali’s efforts of expanding access to finance for private investment,” said Dr. Diane Karusisi, CEO Bank of Kigali.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
The bank provided more than €59 million for infrastructure and private sector investment in Rwanda since 1977.
This includes past support for upgrading Kigali airport and improving energy infrastructure, as well as support for private sector investment.
"Rwanda's medium term goal is to build a private sector led economy, support job creation and ultimately transform people's livelihoods. This, to us is a very important transaction that will back Bank of Kigali's efforts of expanding access to finance for private investment; we are looking forward to working closely with the European Investment Bank," Dr. Diane Karusisi, CEO Bank of Kigali said.
