(Ecofin Agency) - The agreement, under review since February 2023, was recently approved by the IFC. It will provide the Bank of Kigali with financial resources to strengthen its international trade activities and expand its network. 

On Tuesday, June 20, the Bank of Kigali, Rwanda's leading bank in terms of assets, net loans, and deposits (as of June 30, 2022), signed a $20 million trade finance facility with the International Finance Corporation (IFC).

This one-year financing facility will support the international trade activities of the bank -which is listed on the Rwanda Stock Exchange- as well as the development of new partnerships with correspondent banks.

The IFC, through its Managing Director, Makhtar Diop, has indicated that it will work within the framework of this agreement to strengthen the trade financing needs of SMEs and women-owned businesses in Rwanda.

The Rwandan bank, which has been in operation since 1967, will join the IFC's Global Trade Finance Program, becoming the first bank in Rwanda to do so. The program will enable the Bank to strengthen its existing network of correspondent banks and gain trade finance experience.

Let’s note that this financing agreement has been under the IFC’s review since February 2023.

Chamberline Moko