I&M Bank Rwanda se­cures ad­di­tional fund­ing from IFC to lend to SMES

The East African - - MARKETS -

The In­ter­na­tional Fi­nance Cor­po­ra­tion — the World Bank’s lend­ing arm — has of­fered Rwanda’s I&M bank a two-year $500,000 loan to lend to small and medi­um­sized en­ter­prises, with a spe­cial fo­cus on womenowned busi­nesses. In June, IFC ex­tended a $10 mil­lion sub­or­di­nated loan to I&M to strengthen its cap­i­tal base and in­crease lend­ing to SMES. Robin Bairstow, I&M Bank Rwanda man­ag­ing di­rec­tor, said the fi­nanc­ing would help the bank build strong bank­ing prod­ucts for small busi­ness cus­tomers. SMES ac­count for an es­ti­mated 98 per cent of all busi­ness in the coun­try, and con­trib­ute more than half of Rwanda’s to­tal GDP, but most SMES lack ac­cess to fi­nance, lead­ing to an es­ti­mated $1.2 bil­lion fi­nance gap.

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