28 June 2017

Rwanda, Afreximbank Negotiate $500m Investment

Photo: Afreximbank
The MOU worth $1 billion represents a trail-blazing collaboration between Afreximbank President Dr Benedict Oramah and African magnate Aliko Dangote.

Rwanda and African Export-Import Bank (Afreximbank) are in talks on the bank disbursing about $500million into the country in the next one year.

The talks and negotiations are taking place on the sidelines of the ongoing bank's Annual General Meeting at the Kigali Convention Centre.

The forum underway in Kigali which opened Wednesday morning brings together global experts and shareholders to discuss the future of intra-African trade.

The bank's president and Chairperson Dr. Benedict Oramah told The New Times that they are looking at funding a number of initiatives in the country to promote trade.

Among the areas of consideration at the moment include, development of Industrial parks, RwandAir, Bugesera International Airport construction among other projects.

Oramah said that previously, they have disbursed about $155million in the Rwandan economy, including the construction of the Kigali Convection Centre which was funded through Bank of Kigali.

Afreximbank invested about $130m in the Kigali Convection Centre.

Oramah said that they were impressed with the use of the funds disbursed so far which has increased their appetite for the Rwandan market.

During the ongoing Annual General Meeting, the Development Bank of Rwanda is expected to sign a $10 million credit line with Afreximbank which will go to support development of trade.

The MOU will be signed on Saturday, BRD chief Executive Alex Kanyankole confirmed to The New Times.

The bank will also sign a loan with a local firm, Rwanda Mountain Tea.

Minister of Finance Claver Gatete said that the government intends to continue working closely with the lender to increase the country's trade with other African countries.

Follow @ByCollinsMwai

More on This

Foreign Investment in Rwandan Banks, Welcome

The 24th Annual General Meeting of the African Export-Import Bank (Afreximbank) closed in Kigali yesterday after a week… Read more »

Copyright © 2017 The New Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.