The Agence Française de Développement (AFD) and the Banque Rwandaise de Développement (BRD) have just signed a partnership agreement in Kigali. It was launched by the granting of an exceptional credit of 20 million Euros.
AFD’s, Chief Executive Officer (CEO), Rémy Rioux, and BRD’s Chief Executive Officer (CEO), Kampeta Pitchette Sayinzoga, signed a partnership agreement in Kigali on 31 March.
“This agreement allows us to create a medium and long term link between our two institutions,” reveals Kampeta Pitchette Sayinzoga.
This action was preceded by the signing of a line of credit of about 20 million Euros (over 22.5 billion FRWs) at a preferential rate. “For BRD, this is the best way to re-launch this partnership through this truly exceptional line of credit,” said the CEO of the public development bank, Kampeta Pitchette.
This fund will allow BRD to finance post-covid-19 Rwandan entrepreneurs affected by the global health crisis. It will also contribute to the financing of economic recovery.
According to Ms. Kampeta Pitchette, the partnership agreement between BRD and AFD allows the two institutions to go beyond this 20 million Euros credit line.
Thus BRD could take advantage of AFD’s experience to have access to green financing. “BRD will be the first bank to grant green credits. This will inspire others,” says Rémy Rioux, CEO of AFD.
In addition, the two institutions will work together to advance loans to the creative industry, culture, sport, digital and agriculture.
Today, BRD is part of Finance in Common, an international club of Public Development Banks. It was invited by Rémy Rioux, president of this organization. “What happens in Rwanda is of interest to the rest of the world,” he explains.
Each public bank member of this club expresses its way of financing the transformation of its society. Participants learn from experiences, failures and successes in daily and professional practices.
BRD-AFD, a long-standing relationship
According to Rémy Rioux, the relationship between BRD and AFD is very exemplary, as is the relationship developing between France and Rwanda.
“The relationship between AFD and BRD is very old,” recalls Rémy Rioux. This French financing institution had been a shareholder of the Banque Rwandaise de Développement before the 1994 genocide against the Tutsi. And that for a long time, according to Rioux.
“Since 2019, we want to resume this dialogue, recreate it, transform it, because it will never be the same as before,” he says, setting the tone for a future intervention in the context of new Franco-Rwandan relations. “We are removing the obstacles, we are moving forward,” he announced.
The Chief Executive Officer of the French Development Agency (AFD) signed a partnership with the Rwandan Development Bank (BRD) after inaugurating the offices of the French public institution in Kigali.
The ceremony took place in the presence of the French Ambassador Antoine Anfré and the Minister of State for Economic Planning, Dr Claudine Uwera. In the region, there was only the Nairobi branch.
Gérard Rugambwa
