OFID signs a Line of Credit with Bank of Kigali

By our reporter Bank of Kigali Limited, the largest Bank in Rwanda by market share of total assets, loans, deposits and shareholders’ funds has signed a long term line of credit with OPEC Fund for Internatonal Development (OFID) to boost lending to Small and Medium Enterprises (SMEs).

By our reporter

Bank of Kigali Limited, the largest Bank in Rwanda by market share of total assets, loans, deposits and shareholders’ funds has signed a long term line of credit with OPEC Fund for Internatonal Development (OFID) to boost lending to Small and Medium Enterprises (SMEs). The signing took place at the OFID Headquarters in Vienna, Austria on Tuesday, August 13th 2013 and was chaired by OFID Director-General Mr. Suleiman J Al-Herbish who signed the loan agreement with Bank of Kigali Limited represented by the Chief Executve Ofcer Dr Gatera James. 

 

The Line of Credit will assist in the expansion of credit to Small and Medium Enterprises (SMEs). This is OFID’s frst private sector facility in Rwanda and marks the beginning of what is expected will be a long-term partnership with Bank of Kigali. 

 

In his remarks, the Chief Executve Ofcer of Bank of Kigali Dr Gatera James said, “We appreciate this new partnership with OFID. We hope this partnership grows and goes a long way to touch the lives of Rwandans. Bank of Kigali contnues to fnd alternatve sources of fnancing to ensure that (Lef)Bank of Kigali Chief Executve Ofcer, Dr Gatera James signing the Bank of Kigali line of everyone who needs fnancing can access it.” credit agreement, (Right) OFID Director-General, Mr. Suleiman J Al-Herbish, held at the OFID 

 

Headquarters in Vienna, Austria.

Speaking at the signing, Director General; Mr. Suleiman J Al Herbish emphasized OFID’s commitment in supportng insttutons with comprehensive assistance and hoped that OFID’s support will go a long way in contributng to the growth of the SME sector.

“Your insttuton’s commitment to improving the lives of the populaton in Rwanda is very much in line with OFID’s mandate of promotng economic and social development, and contributng to poverty alleviaton. This Line of Credit to Bank of Kigali will contribute to the further development of the Bank’s SME actvites.” stated Director General; Mr. Suleiman J Al-Herbish.

Bank of Kigali has reafrmed its commitment towards developing the Small and Medium Enterprises (SMEs) as a way to atain socio economic development in the country and further growing SME’s into large frms, changing the game locally and carving their niche globally. 

About OPEC Fund for Internatonal Development (OFID)

The OPEC Fund for Internatonal Development (OFID) is the development fnance institution established by the Member States of OPEC in 1976 as a collectve channel of aid to the developing countries. OFID works in cooperaton with developing country partners and the internatonal donor community to stmulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing fnancing to build essental infrastructure, strengthen social services delivery and promote productvity, compettveness and trade.

OFID’s work is people-centered, focusing on projects that meet basic needs - such as food, energy, clean water and sanitaton, healthcare and educaton – with the aim of encouraging self-reliance and inspiring hope for the future. OFID’s primary objectve is to reinforce fnancial cooperaton and solidarity between OPEC Member States and other developing countries, in pursuit of South-South cooperaton, OFID accords priority to the poorer, low-income countries, delivering its assistance through project and program loans, balance of payments support, trade fnance, grants and the promoton of the private sector.  

About Bank of Kigali Limited:

Established in 1966, Bank of Kigali is the largest bank in Rwanda by total assets, with 30.4% market share as at 31st March 2013 The Bank has 60 Branches in Rwanda and provides retail and commercial banking services to over 215,000 customers. In 2011, the Bank became the second domestc company to be listed on the Rwanda Stock exchange in an IPO which was recognized as the Best African Listng by African Investor (AI).

Since 2009, the Bank has recognized for four years running as the Best Bank in Rwanda by Emeafnance and Bank of the year by the Banker. The Bank also recently awarded the 2013 Euro money Award for Excellence as the Best Bank in Rwanda.

In 2011 it was recognized as the company of the year by Kenya Insttute of Management Rwanda and in 2012 , it was further bestowed with the Best East African Bank Award by the African Banker magazine as well as the Best Financial Reportng Company in Rwanda at the annual Financial Reportng Award(FiRe)held in Nairobi, Kenya. The Bank also had its long term credit ratng upgrading to AA, while short term ratng was maintained at A1 with a stable outlook of Global Credit Ratng Co. (GCR) the leading ratng agency in South Africa.

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