{"id":59264,"date":"2023-11-28T14:49:29","date_gmt":"2023-11-28T14:49:29","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/bank-of-kigali-tips-agri-exporters-on-its-rwf150-billion-financial-solutions"},"modified":"2023-11-28T15:16:28","modified_gmt":"2023-11-28T15:16:28","slug":"bank-of-kigali-tips-agri-exporters-on-its-rwf150-billion-financial-solutions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/bank-of-kigali-tips-agri-exporters-on-its-rwf150-billion-financial-solutions","title":{"rendered":"Bank of Kigali tips agri-exporters on its Rwf150 billion financial solutions"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Bank of Kigali (BK) officials, on Friday, November 24, engaged players in the agriculture sector, especially exporters, on some of the bank\u2019s financing solutions aimed at helping them grow.<\/p>\n

Held under the theme \u201cFinancing for Growth: Empowering Rwandan Agri-Exporters,\u201d the event aimed at networking with agri-exporters to interest them in the bank\u2019s offerings for them and how they can play a pivotal role in strengthening Rwanda’s position in the global agricultural market.<\/p>\n

This year, BK announced plans to invest Rwf 150 billion over the next five years to support the agricultural sector in the country. The move was aimed at boosting production, increasing exports, and creating more employment opportunities for Rwandans.<\/p>\n

Friday\u2019s event brought together BK\u2019s employees and clients to talk about the services that the bank has to offer in support of their ongoing development projects.<\/p>\n

According to Alexis Bizimana, the Head of Agribusiness at BK, some of the bank\u2019s users are not well-informed about agriculture financing, and that is one of the reasons why such an event was organized.<\/p>\n

\u201cOur ambition is to offer up to Rwf 150 billion worth of agriculture financing in five years,\u201d he said.<\/p>\n

\u201cWe have already created a number of products, and have the right data to focus on the specificity of the sector,\u201d he added.<\/p>\n

BK works with other partners to select the value chain to work with and identify business opportunities.<\/p>\n

An example of a loan is one for cash crop exports like tea, coffee, or horticultural products. Here, the bank can offer up to a Rwf 1 billion loan that is payable within 12 months to allow the farmers or exporters to finance various processes involved, including harvesting, processing, and shipping.<\/p>\n

\u201cAs you know, more than 50 per cent of our country\u2019s exports come from agriculture, especially in these key value chains of tea, coffee, and horticulture,\u201d Bizimana said.<\/p>\n

Alexis Bizimana, the Head of Agribusiness at BK, said that some of the bank\u2019s users are not well-informed about agriculture financing, and that is one of the reasons why such an event was organized<\/p>\n

The exporters can pay off the loan after receipt of produce sales.<\/p>\n

Bank officials say they have a responsibility to support the country\u2019s agriculture sector because it employs over 60 per cent of the population.<\/p>\n

\u201cWe seek to finance agricultural projects with huge commercial potential and domestic or export level,\u201d reads a statement from BK.<\/p>\n

The bank also provides training and mentorship to farmers and agribusinesses to improve their skills and knowledge in modern farming techniques, value chain development, and marketing.<\/p>\n

This is aimed at increasing productivity, improving the quality of products, and creating new market opportunities for Rwandan agricultural products.<\/p>\n

The bank\u2019s investment in the agricultural sector supports Rwanda\u2019s broader goals of transforming its economy through increased productivity, value addition, and exports.<\/p>\n

The government has set a target of increasing agricultural exports to $1.5 billion by 2024, up from $400 million in 2019.<\/p>\n

One of the key ways that BK supports the agriculture sector is through its partnership with USAID\u2019s Feed the Future Rwanda Kungahara Wagura Amasoko project, which financially backs the bank\u2019s endeavours.<\/p>\n

Jonathan Kamin, USAID\u2019s Mission Director for Rwanda, called upon exporters to make use of the financing opportunities provided to them, make connections, and ask questions.<\/p>\n

\u201cYour exports and the revenue generated are essential to the health, welfare, and sustainability of the economy,\u201d he said.<\/p>\n

Levi Gasangwa, BK\u2019s Chief Business and Corporate Solutions officer, said the bank\u2019s solutions can be an enabler for the farmers and exporters to realise their dreams.<\/p>\n

Levi Gasangwa, BK\u2019s Chief Business and Corporate Solutions officer speaks at the event on Friday, November 24<\/p>\n

\u201cIt is a tool for your business to thrive. I think these new products can be a catalyst for change because we don’t just want agribusinesses to be just there for subsistence; we want them to compete on the international scene,\u201d he noted.<\/p>\n\r\n