The Mauritius Commercial Bank Limited (MCB) has agreed to loan the Bank of Kigali Plc $20m to provide additional liquidity to the Rwanda-based financial institution.
The facility, which will cover a period of one to two years, will help the Bank of Kigali facilitate the execution of its lending strategy.
Bank of Kigali Plc maintains strong financial results despite challenging market conditions, demonstrating its investors confidence. The loan proceeds will mostly fund the bank’s corporate projects.
Over the years, the two banks have established an excellent relationship with interactions spanning various spectrums of normal banking activities and more specialised advisory services around Capital Markets and Consulting.
Dr. Diane Karusisi, CEO of Bank of Kigali, said the loan facility will increase the bank’s “liquidity and support our efforts in financing the economic recovery of our customers who have been affected by the Covid-19 pandemic, particularly Small and Medium Enterprises.”
His MCB counterpart, Alain Law Min, added:
“I am confident that the USD 20M term loan from MCB will greatly help Bank of Kigali’s endeavours to support the local entrepreneurs in their effort to build back the local economy. I am also pleased that this transaction will further strengthen the long standing relationship between our respective organisations.”
With more than 183 years in business, MCB remains a key player in the African market. It has subsidiaries and representative offices across the continent, along with a broad network of African correspondent banks.
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