BRD coffee funding increase by 50 percent

The Development Bank of Rwanda (BRD) has increased its funding to the coffee farmers this season by 50 percent from Rwf4 billion last season to Rwf6 billion. Christine Karangwayire, the Director of investment in BRD, said that the bank supports various sectors because it is a government instrument for economic growth and development. “In addition to financial support, the bank also trains coffee farmers in good governance, financial management and help them access markets said Karangwayire. This week, BRD concluded a two day training of 65 coffee farmers in preparation for the new farming season. Karangwayire said that the increase in loan to farmers was due to the expectations that this season will be more productive than the previous season which was affected by the global financial crisis. The bank has been offering support to farmers since 2003 to build coffee washing stations to expand their businesses. During the last coffee season, the bank gave loans worth Rwf2.2 billion to individuals and cooperatives who totaled to 24 Out of the total loan that was availed to farmers, Rwf1.6 million was utilized which is 75 percent utilization rate. Coffee investment also went into strengthening the capacity of coffee washing stations which are 30 in number. There are 5 more washing stations to be opened. BRD also says that 90 percent of the finances that 34 coffee washing stations use in a season come from the bank in the form of loans hence in turn, all the proceeds realized from coffee washing stations that work with this bank must pass on BRD’s account. Ends

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BRD coffee funding increase by 50 percent