AfDB signs $12m credit line with Bank of Kigali
22 November 2011
The African Development Bank (AfDB) has signed a line of credit agreement with the Bank of Kigali worth $12 million (£7.6 million).
Using the money for key economic sectors, such as infrastructure, agri-business and manufacturing, the line of credit will create jobs and business opportunities in Rwanda.
Signed over at the same time, the AfDB has given a $500,000 grant to the Bank of Kigali for technical assistance from the Fund for African Private Sector Assistance. The money will improve the bank's capacity, aligning it to Rwanda's commitment to sustainable infrastructural development.
James Gatera, managing director of the Bank of Kigali said that "this credit line will enhance the Bank's ability to increase provision of financial service in Rwanda".
The AfDB's public sector lending in Rwanda currently amounts to $966 million, comprising developments in mining, industry and the environment.
Rwanda's government was recently seeking investors to help the country build a new international airport as part of a transport infrastructure initiative.