Rawbank, a major player in the banking sector in the Democratic Republic of Congo and African Guarantee Fund, a financial institution facilitating SME financing in Africa, have signed an agreement to increase the Bank’s line of guarantee to a total of USD 35 million.
Following two previously signed guarantee agreements
in 2016 and 2017, African Guarantee Fund, the continent’s leading financial guarantee
provider, is once again demonstrating its confidence in Rawbank with a loan
portfolio guarantee amounting to USD 35 million.
This financial guarantee will be entirely dedicated to
Small and Medium Enterprises (SMEs) qualified for green financing. The program
is aimed at businesses engaged in activities related to energy efficiency,
renewable energy, agriculture, intelligent natural resource management and
climate insurance. The establishment of this partnership reflects the Bank’s
commitment to Congolese SMEs and to the country’s sustainable development. It
also demonstrates the solidity of the bank, despite the economic consequences
of Covid-19 experienced since last year.
delighted with the addition of this guarantee facility, which reflects the
confidence that our pan-African partners have in Rawbank. African Guarantee
Fund has exceeded agreements previously signed in 2016 and 2017 by more than
double the capacity. This new agreement will enable us to continue to assist
Congolese SMEs involved in the preservation of the environment in our country,”
said Mustafa Rawji, the Chief Executive Officer of Rawbank.
Today, thanks to the confidence placed in Rawbank by
international partners such as the African Development Bank and Shelter
Afrique, Rawbank has become the leading partner for SMEs in DRC. The Bank has
developed the Lady’s First training programs to build the capacities of
entrepreneurs, facilitate their access to financing and thus develop the local
economic fabric. Earlier this year, Rawbank received a $ 20 million funding
from the Trade and Development Bank to support Congolese large-scale
enterprises and SMEs affected by the Covid-19 pandemic.
“Rawbank is one of our long-standing partners.
Since its creation, the Bank has supported SMEs and thus contributes to the
development of the local economic fabric. Businesses involved in the
preservation of the environment in the Democratic Republic of Congo have
encountered major challenges in the past year. Through this guarantee line,
Rawbank will provide them with a reliable banking partner that will enable them
to recover and grow,” said Mr. Jules Ngankam, Group Chief Executive Officer of
African Guarantee Fund.