Monday, 14 September 2015

AfDB SME Program: Enhancing inclusive growth and job creation in Rwanda

AfDB SME Program: Enhancing inclusive growth and job creation in RwandaThe African Development Bank Group (AfDB) and Access Bank Rwanda Ltd. signed a loan agreement for the equivalent of US $6 million under the Africa SME Program on September 3, 2015 to support small and medium enterprises (SMEs) in Rwanda. Access Bank Rwanda is a member of the Access Bank Group, which has its headquarters in Lagos. The AfDB has had a long-standing relationship with Access Bank. The Rwanda subsidiary was established in 2008 when Access Bank PLC took a 75% ownership in Bancor SA. Expanding its loan portfolio in recent years, Access Bank Rwanda offers a variety of SME products including asset finance, invoice discounting and term loans, etc. It is also in the process of launching new financial products and services exclusively for women. The US $6-million line of credit will support SME projects in economic sectors such as telecom, school/education, tourism/services, construction, etc.

The Africa Small and Medium Enterprises (SME) Program was approved by the AfDB’s Board of Directors in July 2013. It is a four-year program with US $125 million. Under this program, a US $3.98-million technical assistance package was granted by the Fund for African Private Sector Assistance (FAPA) under EPSA (Enhanced Private Sector Assistance for Africa) initiative, which aims to supporting micro, small and medium enterprises (MSMEs) in Africa. Read More...


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