Bank of Kigali, Rwanda's largest bank by market share, has signed a long-term line of credit with OPEC Fund for International Development (OFID) to boost lending to Small and Medium Enterprises (SMEs).
The signing took place at the OFID Headquarters in Vienna, Austria recently chaired by OFID director general Suleiman J. Al-Herbish who signed the loan agreement with BK's CEO James Gatera.
The line of credit will assist in the expansion of credit to SMEs. This is OFID's first private sector facility in Rwanda and marks the beginning of what is expected will be a long-term partnership with Bank of Kigali.
"We appreciate this new partnership with OFID. We hope this partnership grows and goes a long way to touch the lives of Rwandans," CEO Gatera said. "Bank of Kigali continues to find alternative sources of financing to ensure that everyone who needs financing can access it."
OFID DG Al-Herbish for his part emphasized the organization's commitment in supporting institutions with comprehensive assistance and expressed the hope that the support will go a long way in contributing to the growth of the SME sector.
"Your institution's commitment to improving the lives of the population in Rwanda is very much in line with OFID's mandate of promoting economic and social development, and contributing to poverty alleviation," he said. "This line of credit to Bank of Kigali will contribute to the further development of the Bank's SME activities."
BK also reaffirmed its commitment towards developing SMEs as a way to attain socioeconomic development and further growing SME's into large firms, changing the game locally and carving their niche globally.
The OPEC Fund for International Development (OFID) is the development finance institution established by the Member States of OPEC in 1976 as a collective channel of aid to the developing countries.