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