Development Bank of Rwanda (BRD) will extend a tune of Rwf68 billion long-term credit to the private sector this year, Alex Kanyankole, the chief executive officer, has said. Kanyankole explained that following the formation and sale of BRD Commercial Bank to Atlas Mara last year, the bank ceased deposit-taking services to focus on lending to key sectors of the economy, like agriculture, affordable housing and energy. He said, unlike commercial banks, BRD will lend private sector firms with projects in the priority sectors at affordable rates of between 12 and 16 per cent per year. According to the bank’s 2014 financial statement, over Rwf93.6 billion was extended to various projects, while its net interest income was at Rwf10.12 billion. The bank’s total operating income stood at Rwf10.5 billion, while its operating expenses stood at Rwf6.8 billion over the reporting period. business@newtimes.co.rw.
