BusinessMedia releaseFifty years of BRD

Sat,21Apr2018

Posted on Wednesday, 15 February 2017 20:26

Fifty years of BRD

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The Development Bank of Rwanda (BRD) has consistently shaped strong partnerships and is becoming today a world-class finance institution focused on accelerating Rwanda’s economic transformation.

 

Incorporated in 1967, the Development Bank of Rwanda (BRD) has recently reviewed and formulated its vision of becoming a world-class finance institution focused on accelerating Rwanda's economic transformation.
The Chief Executive Officer, Mr. Alex Kanyankole, noted that over the past years of its existence, the Bank has consolidated its position as the leading financier providing long-term facilities to private sector investments into the priority economic sectors aligned with the national development agenda – the Vision 2020 and the Second Economic Development and Poverty Reduction Strategy (EDPRS 2).

“Our refocused and expanded mandate to deliver national development goals”
ALEX KANYANKOLE - CEO
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Despite some challenges, such as sourcing for affordable patient funds, the Bank has consistently shaped strong partnerships with international development finance institutions (DFIs) whose support has been immeasurable. These partnerships are built on the Bank’s good track record in compliance with best standards and practices in areas such as governance, financial and operational standards.
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The total assets reduced to Rwf 132.8billion from Rwf 185.6 billion post-split of the commercial banking portfolio sold to Atlas Mara Co-Nvest.
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BRD maintained its position as the leading long-term lender by registering approvals of Rwf 67.5 billion into the priority sectors.
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The Bank’s financing interventions led to positive development impact through creation of employment, upsurge in tax revenues and exports, availing affordable housing solutions, improved literacy, quality of education, and support to agriculture modernization.
A housing study undertaken by the City of Kigali in 2012 indicated a very high housing market demand which requires national efforts and timely approach, hence BRD’s priority focus for housing financing.
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Rugarama Park Estates 
jointly undertaken by BRD, Shelter Afrique and 
City of Kigali to build 2,674 housing units in Kigali.
The study showed that Rwanda needs more 35,000 housing units on average per year to be able to meet the growing demand of up to 344,068 housing units by 2020.
 
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BRD is committed to support the Government’s targets for electricity access to all Rwandans by investing USD 185 million in the Energy sector. As indicated in its 2016-2020 Strategic plan, the Bank’s financing will contribute to the generation of at least 66 MW and energy savings of 6 MW. BRD will foster syndications and co-financing to catalyze investments from other development partners.

BRD’s interventions have been designed to address key constraints in the sector such as high startup costs and risks involved. Energy projects require significant time and financial investments and their long-term nature requires specialized financing terms.

These interventions are grouped into three main programs;
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Investments in energy generation have seen the bank financing hydro-power, bio mass and peat fired energy projects and contemplating methane gas fired plants.
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Mr. Kanyankole noted that though access to electricity has grown from 160,000 households connected to the national grid in 2012 to 570,000 electrified households by February 2016, the country is still experiencing energy deficits.
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 Perspective of the peat to power plant by Yumn Ltd jointly owned
by Hakan Mining and Electricity Generation Co. Ltd and Quantum
Power Ltd - to generate 80 MW in Gisagara District,
Southern Province.

 

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NEW EXPANDED AND REFOCUSED MANDATE (2016 – 2020)

BRD recently completed the sell off its commercial business (equivalent to 31% of its business) to Atlas Mara Co-Nvest. Since then, the Bank adopted a new expanded and refocused mandate as a typical development finance institution that provides long-term financing and advisory services to impactful entrepreneurs in key priority sectors including energy, agriculture, education, housing, infrastructure, and exports.

“Over the next five years, we remain committed to continuously support Rwanda’s development aspirations through targeted financial interventions in sectors that have higher potential to increase production, exports, create jobs and eradicate poverty.” Kanyankole concludes.

 

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Congratulations to BRD  on the Golden Jubilee celebrations  !

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KN3 (Former Boulevard de la Révolution)
P.O Box 1341, Kigali, Rwanda
Phone: (+250) 575079 - Fax: (+250) 573569
Email: brd@brd.rw

Website: https://www.brd.rw



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