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IFC Partners with Key Rwandan Financial Institutions to Promote Leasing


In Kigali:
Belinda Mutesi
Phone: + 250 591 354
E-mail: bmutesi@ifc.org

In Johannesburg:
Daniel Musiitwa
Phone: +27 11 731 3175
E-mail: dmusiitwa@ifc.org


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 small businesses.”

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.

About IFC
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.