KIGALI, Rwanda – The Development Bank of Rwanda (BRD) and the Arab Bank for Economic Development in Africa (BADEA) have reiterated their commitment to exploring more opportunities for cooperation in inclusive and sustainable economic development in Rwanda and across the African continent.
The pledge was made during a high-level conference convened by BRD in Kigali, which brought together BRD leadership and a delegation led by H.E. Abdullah Kh. Almusabeeh, President of BADEA. The conference also strengthened the long-term collaboration between the two institutions and was another milestone in their joint development goal.
New $25 Million Credit Facility.
The conference ended with the signing of a new USD 25 million funding arrangement to boost BRD’s capacity to fund transformative projects. The facility will support critical sectors such as: in line with Rwanda’s long-term development blueprints, including:
Manufacturing and exports—to promote commerce and industrial growth.
Affordable housing: responding to housing demands in towns and the countryside.
Women-led businesses to promote gender-inclusive economic involvement.
These aims are closely aligned to Rwanda’s Vision 2050 and the National Strategy for Transformation (NST2), which prioritises private sector-led growth, job creation, and sustainable development.
Developing a Successful Partnership.
“Over the years, the partnership between BRD and BADEA has allowed BRD to diversify its sources of funding and reinforce its capacity to provide impactful development financing solutions across key sectors of Rwanda’s economy.
In his speech during the meeting, H.E. Abdullah Kh. Almusabeeh praised the BRD’s performance in supporting the development of the private sector.I am certain that the implementation of this new USD 25 million facility would boost BRD’s operational capability and support for micro, small and medium enterprises (MSMEs) and other private sector actors across Rwanda. It is also intended to generate jobs and make a major contribution to poverty reduction and economic growth, ultimately improving livelihoods across Rwanda.”
BRD welcomes further cooperation.
Ms. Stella Rusine Ntez, CEO of BRD, appreciated the renewed commitment from BADEA and highlighted the excellent impact the cooperation has had on BRD’s development mandate.BADEA has been a much valued strategic partner in BRD’s journey to becoming a premier development finance institution in the area. “The new US$25 million facility will strengthen our ability to fund transformative projects aligned with Rwanda’s economic growth, job creation and sustainable development priorities.”
She added that the facility matches with BRD’s aim to extend access to long-term finance and deepen cooperation with international financial institutions that share BRD’s commitment to development impact.
Future More Cooperation.
Both organizations have showed interest in exploring other areas of cooperation, apart from the new facility. No particular next steps were mentioned, but the accord hints at a broader intention to build up development financing, not only in Rwanda but across the African continent.
BRD and BADEA’s relationship is an example of how development financing institutions may work together to tackle key issues such as youth unemployment, housing shortages, the underfunding of women-led enterprises, and small manufacturers.
Summary
The USD 25 million facility is now in place and the renewed mandate to explore future partnership means BRD and BADEA are set to expand their effect on inclusive and sustainable development. For Rwanda, this means continuing progress towards Vision 2050. For Africa, it is about building an expanding network of strategic partnerships to unlock the continent’s economic potential.
