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.

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