{"id":91268,"date":"2024-12-02T13:00:57","date_gmt":"2024-12-02T13:00:57","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/im-bank-kaizenvest-bring-affordable-loans-to-rwandas-education-sector"},"modified":"2024-12-02T13:12:39","modified_gmt":"2024-12-02T13:12:39","slug":"im-bank-kaizenvest-bring-affordable-loans-to-rwandas-education-sector","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-kaizenvest-bring-affordable-loans-to-rwandas-education-sector","title":{"rendered":"I&M Bank, Kaizenvest bring affordable loans to Rwanda\u2019s education sector"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>I&M Bank (Rwanda) Plc and Kaizenvest have teamed up to expand access to affordable loans for TVET and secondary schools through the bank\u2019s EduFinance program.<\/p>\n

This is supported by USAID’s CATALYZE EduFinance Activity, which attracts private capital investments for non-state schools to address the educational financing gap in Rwanda. This initiative supports the schools by providing loans at a reduced interest rate of 12 per cent down from 17 per cent, thanks to a 5 per cent subsidy from the USAID program.<\/p>\n

The bank\u2019s EduFinance Programme is designed to make higher education more accessible and affordable, supporting Rwanda\u2019s goal of fostering a skilled and educated workforce.<\/p>\n

I&M Bank (Rwanda) Plc, CEO Benjamin Mutimura signs the agreement on Froday<\/p>\n

The CEO of I&M Bank (Rwanda) Plc, Benjamin Mutimura, emphasised the bank\u2019s commitment to supporting the education sector through its comprehensive EduFinance program, which provides tailored financial solutions to schools, students, and teachers.<\/p>\n

He noted that the bank is working with two partners to support fee collection systems. \u201cKaizenvest now comes in to make sure that we can provide affordable finance for this sector. It\u2019s not for profit purposes,\u201d he added.<\/p>\n

Mutimura noted that while the education sector in Rwanda is growing, access to affordable financing remains a major challenge.<\/p>\n

\u201cOne of the key components of this program is the buy-down on interest rates. The program provides a 5 per cent subsidy. For example, if a customer in the education sector has been borrowing at 17 per cent, they will now borrow at 12 per cent,\u201d he said.<\/p>\n

I&M Bank (Rwanda) Plc and Kaizenvest signed the agreement to expand access to affordable loans for TVET and secondary schools.<\/p>\n

He added, \u201cIt\u2019s a big move. We hope these benefits will reach teachers and students, enabling faster development of the education sector.\u201d<\/p>\n

Discussing the partnership, Jetu Lalvani, CEO of Kaizenvest said, \u201cWe are privileged to be here working in Rwanda and with I&M Bank. It\u2019s exciting to see the economic and social change and innovation happening here, and we are happy to be part of it.\u201d<\/p>\n

Lalvani described education as essential to societal growth and well-being. \u201cFor us, education is like a social DNA, similar to biological DNA. With a strong education DNA, sustainable growth, social harmony, and human flourishing are achievable,\u201d he said.<\/p>\n

I&M Bank (Rwanda) Plc, CEO Benjamin Mutimura (L) and Jetu Lalvani, CEO of Kaizenvest interact during the signing of the agreement on Friday, November 28. Photos by Dan Gatsinzi<\/p>\n

Kaizenvest\u2019s work in emerging Asia has made a big difference, helping 12 million students, creating 4 million jobs, and supporting 50,000 teachers. They have also helped raise $300 million to fund education projects.<\/p>\n

\u201cNow, we\u2019re bringing that experience to emerging Africa, starting with Rwanda. It was USAID that brought us here and funded our step into the region. We chose two initial countries: Rwanda and South Africa, and this is the beginning of many big things we aim to achieve,\u201d he added.<\/p>\n

Lalvani emphasised the importance of collaboration between private and state capital in transforming education and employment.<\/p>\n

\u201cWe believe private capital has a critical role in emerging markets. We want to work alongside state capital to shape the future of learning and work. I am very happy to be here and excited about what lies ahead,\u201d he added.<\/p>\n

Th initiative is supported by USAID’s CATALYZE EduFinance Activity, which attracts private capital investments for non-state schools to address the educational financing gap in Rwanda.<\/p>\n

The signing ceremony took place at I&M Bank head office in Kigali<\/p>\n

Delegates pose for a photo at the signing ceremony on Friday at I&M Bank headquarters.<\/p>\n\r\n