KIGALI - The Development Bank of Rwanda (BRD) has budgeted Rwf500m to invest in its subsidiary, set up to bridge the gaps in terms of providing business advisory services to investors in the private sector on behalf of the bank and government.
In an interview with The New Times yesterday, Jack Kayonga, the Director General of BRD, said that the fully fledged subsidiary, BRD Advisor Service Company (BAS) Ltd has already started supervising a number of projects.
“It is a fully fledged subsidiary, registered by Rwanda Development Board (RDB) under the name of BRD Advisory Service Ltd; it has a CEO and a fully functional Board,” Kayonga said.
“The business plan and structures have already been approved and we already have some projects in the pipeline.”
Kayonga said that the company will provide ‘entrepreneurs who have good business ideas’ with the kind of advice that can help them move from just ideas to viable projects.
BAS through its advisory services will also help entrepreneurs develop viable projects to match the investments growth rate in the country and also give confidence to financial institutions to extend credit services.
Kayonga observed that Small and Medium Enterprises (SME) will largely benefit from the service because they have been lacking appropriate guidance on project identification, preparation, resource mobilisation from both local and regional banks and financial markets.
He added that as a result, most business don’t live beyond two years, hence the government saw the need to focus on SME as recommended by the Kivu Retreat. He said that SMEs countrywide will be able to access the service through the BRD branches and the Private Sector Foundation (PSF) Business Development Centres.