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Add to Preferred SourcesIFC, a member of the World Bank Group, signed on December 5 a two-year $500,000 advisory project with I&M Bank (Rwanda) Plc.to expand access to finance for small and medium enterprises.
The engagement follows IFC’s $10 million subordinated loan to I&M Bank (Rwanda) Plc. in May 2018 to strengthen the bank’s capital base and help it increase lending to small enterprise. The advisory project with I&M Bank, the oldest Bank in the country and one of the largest, is the first for IFC in Rwanda.
By promoting increased access to finance for underserved SMEs, I&M Bank is supporting the Government’s National Strategy for Transformation and the Vision 2050, focused on transforming the country into a knowledge-based, middle-income country, and a regional technology and finance hub.
Robin Bairstow, Chief Executive Officer of I&M Bank (Rwanda) Plc., said, “By working with IFC to build strong banking products for small business customers, we will reach more SMEs to drive growth in the country.”
Manuel Moses, IFC Country Manager, said, “SME finance is an important tool to create jobs. It’s not just about making more finance available; it’s about creating opportunities for small businesses to thrive.”
SMEs account for 98 percent of all businesses in Rwanda and contribute more than half of its total gross domestic product. However, small businesses struggle to access finance, leading to an estimated $1.2 billion credit gap. IFC’s advisory project will promote access to finance for SMEs, with a special focus on women-owned businesses.
Original source: IFC
Published on 5 December 2018