Bank of Kigali borrows $30.7m to finance loan book

Monday July 25 2016

Bank of Kigali has posted a 22 per cent increase in profit after tax in the first nine months of this year buoyed by a jump in interest income. Photo/FILE

Bank of Kigali. Photo/FILE NATION MEDIA GROUP

By KABONA ESIARA

Bank of Kigali has borrowed $30.7 million from the European Investment Bank, to finance private enterprises.

The credit line to Bank of Kigali is part of $252 million the European Investment Bank (EIB) pooled to its second East and Central Africa Private Finance Facility.

Besides Rwanda, lenders in Burundi, Uganda, Tanzania, Kenya and the Democratic Republic of Congo are financed by the European Investment Bank.

In Rwanda, BK officials said the money is currently available for borrowers for a minimum period of five years.

Bank of Kigali had $30 million to support its long term financing needs and after EIB pumping $30 million, the loan book has grown by $60 million.

“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,” said Dr. Diane Karusisi, CEO Bank of Kigali.

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