Kigali, May 9, 2008—IFC, a member
of the World Bank Group, has partnered with three of Rwanda’s leading
financial institutions to launch the Rwanda Leasing Association, which
will promote leasing in the country and act as a voice for the industry.
The three institutions—Commercial Bank
of Rwanda, the Development Bank of Rwanda, and FINA Bank—today signed
agreements to set up the new leasing association. IFC will serve as the
association’s secretariat for the first year as part of a larger IFC program
that is promoting leasing as an alternative financing mechanism for businesses
in Rwanda. The program is being implemented by IFC Advisory Services in
the region – PEP-Africa, and it is supported by the Dutch Ministry of
Foreign Affairs and the Rwandan government.
“Establishing the leasing association
will help create a sustainable platform for championing the interests of
all stakeholders as well as strengthen the sector,” said Brian Kirungi,
IFC Team Leader and Legal Specialist. “It will also enable leasing providers
to pool resources for educating the public on the benefits of leasing for
Representatives from the Ministry of
Planning and Development, the Ministry of Commerce and Industry, and other
stakeholders attended the launch ceremony for the association.
Rwanda’s leasing sector has grown significantly
in the past year, and it is estimated currently at $20 million.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that poor people should
have the opportunity to escape poverty and improve their lives. In FY07,
IFC committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org.
For more information about IFC’s leasing
program in Rwanda, visit www.ifc.org/rwandaleasing.