Kigali, May 15, 2007 - IFC,
the private sector lending arm of the World Bank Group recently disbursed
$3.6 million to Intraspeed S.A.R.L, a Rwanda-based freight forwarding company
serving the Great Lakes Region of Eastern Africa. This disbursement is
part of a $7.5 million IFC loan financing approved late last year and is
IFC’s first investment in Rwanda since 1992.
Intraspeed will use IFC financing to upgrade, modernize, and expand its
existing freight hauling capabilities with new, fuel-efficient trucks.
This expansion will enable the company to become a full-service logistics
firm with customs clearing and transport services and improve the handling
and transportation of cargo throughout eastern Africa.
Owned and chaired by Rwandan businessman John Bosco Rusagara, Intraspeed
was founded in 1995 and has become one of the region’s premier freight
transport companies. The company currently provides customs clearing and
forwarding services from the ports of Mombasa and Dar-es-Salaam, as well
as road haulage services from these ports to destinations across eastern
Africa. Once completed, the expanded fleet will be used throughout
the entire network, but mainly on the Kenya-Uganda-Rwanda route where the
business demand is greatest.
Thierry Tanoh, IFC’s Director for Sub-Saharan Africa remarked that “IFC
is delighted to work together with local entrepreneurs to bring world-class
practices to small and medium sized companies, as part of our commitment
to the Eastern Africa region. By supporting Intraspeed’s expansion,
we are strengthening regional integration, particularly in infrastructure
“By reducing transportation costs and overcoming the current shortage
of hauling capacity, the increased trucking capacity that will result from
the successful completion of this project will help to improve trade conditions
in the region,” said Rashad Kaldany, IFC’s Director for Infrastructure.
IFC has recently increased its presence in Rwanda by setting up a Rwanda
Leasing Program, which will help to establish leasing as a competitive
and viable financial product line for local businesses.
The International Finance Corporation, the private sector arm of the World
Bank Group is the largest multilateral provider of financing for private
enterprise in developing countries. IFC finances private sector investments,
mobilizes capital in international financial markets, facilitates trade,
helps clients improve social and environmental sustainability, and provides
technical assistance and advice to businesses and governments. From its
founding in 1956 through FY06, IFC has committed more than $56 billion
of its own funds for private sector investments in the developing world
and mobilized an additional $25 billion in syndications for 3,531 companies
in 140 developing countries. With the support of funding from donors, it
has also provided more than $1 billion in technical assistance and advisory
services. For more information, visit www.ifc.org.