NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, May 21, 2014

IFC, a member of the World Bank Group, today reaffirmed its commitment to supporting the private sector in Rwanda. At a ceremony in Kigali with government and business leaders, IFC marked its inaugural “Umuganda” bond and signed agreements with AB Bank Rwanda, Urwego Opportunity Bank, and IHS to expand access to finance and telecommunications in Rwanda.

At the event, IFC Vice President and Treasurer Jingdong Hua thanked the Rwandan minister of finance and the governor of the National Bank of Rwanda for their partnership and support. IFC last week issued 15 billion Rwandan franc-denominated bonds, marking the first issuance by a non-resident in Rwanda’s domestic capital markets.

“IFC’s Umuganda bond is aimed at capital market development and embodies the partnership and support we have received from our counterparts at the Ministry of Finance, the National Bank of Rwanda, the Capital Markets Authority, and domestic investors,” said Hua. “This bond would not have been possible without your confidence in us. It is a testament to the strength of our partnership with the Rwandan authorities and private sector.”

During the event, IFC also signed financing agreements with AB Bank Rwanda, Urwego Opportunity Bank, and IHS Holding to support access to finance and telecommunications in Rwanda.

“IFC seeks to support companies in Africa who share our vision for locally-driven growth. Our investments in AB Bank, Urwego Opportunity Bank and IHS’ Rwanda operation will increase access to finance for local entrepreneurs and expand Rwanda’s telecommunications network, both of which are essential for economic growth,” said Jean Philippe Prosper, IFC Vice President for Sub Saharan Africa, Latin America and the Caribbean.