In June last year, the African Export-Import Bank promised to invest an amount of US$500 million in the International Leaders’ AG Meeting which took place in Rwanda’s capital city, Kigali.
In the commitment of this promise, The African Export-Import Bank (Afreximbank) is set to invest another US$100 million in Rwanda’s infrastructure sector in the remaining period of 2018 due to Rwanda’s fast development in the trade industry as part of the US$500million.
From June to now, The African Export-Import Bank will have invested a total of US$200 million, the finance specialist at Afreximbank, Ademola Adeyinka says.
Ademola Adeyinka also states that through the bank of Kigali, Afreximbank invested in various projects which includes the construction of the Kigali Convention Center and also has a US$10million credit with the Development Bank of Rwanda (BRD).
Targeted sectors Afreximbank wants to invest in.
He adds that the US$500million was not targeted on specific sectors but will mostly be invested in the things which support trade and exports like roads, hotels, conference halls, and other infrastructures.
According to Adeyinka, banks in Rwanda have highly been requesting for finance, “We have seen interest coming in from Rwanda, banks have been quite aggressive in making requests,” he said.
Up to now, Adekanya appreciates the relations between Afreximbank and the banks in Rwanda, “We do believe that the transactions that are currently going on in Rwanda with the bank are currently going on very well, there is no default. It has been very tidy. You do not have to keep following up with everyone. Particularly bank of Kigali. We appreciate the credibility of the system,” he says.
Afreximbank is however not able to invest in these plans and respond to some requests before it accomplishes its early set goals including investing in the Bugesera International Airport.
In the aims of boosting confidence on international banks in African lenders, the African Export-Import Bank has also implemented a program for that hoping that international banks will be able to build trust between them and African lenders when they received credit letters issued by African lenders.
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