Friday, 26 December 2014

Urwego secures Rwf1b loan from BRD to fund SMEs

Urwego Opportunity Bank has secured a Rwf1 billion short-term loan from Development Bank of Rwanda (BRD) to finance small-and-medium enterprises (SMEs).

The one year funding is hoped to ease access to affordable credit and ultimately boost economic growth, Alex Kanyankole, the BRD chief executive officer, said.

“Our objective is to serve all the segments of the market… We are confident that this partnership will enable Urwego Bank finance SMEs that BRD has not been able to serve,” Kanyankole said during the signing ceremony of the credit refinancing agreement on Wednesday.

“Our ultimate objective is to ensure that people access affordable credit, while the lender also makes a profit. This is how we shall be able to boost financial inclusion.”

Though he did not disclose the interest rate, the BRD boss said the agreement answers the question of affordable finance. Read More....

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