Rawbank, a major player in the banking sector in the Democratic Republic of Congo, and African Guarantee Fund (AGF), a financial institution supporting SMEs in Africa, have concluded two guarantee agreements for a total of $45 million, aimed at increasing Rawbank’s intervention capacities in favor of SMEs and Microfinance Institutions.
These facilities, which are supported by the AfDB’s Affirmative Finance Action for Women in Africa (AFAWA), follow 4 previous agreements signed between the two financial institutions since 2016.
The strengthening of the partnership between the two institutions will allow Rawbank to further develop its financing activity for Congolese SMEs and microfinance institutions, but particularly, in support of women entrepreneurship, one of the Bank’s priorities.
“We are delighted with the signing of this new agreement with African Guarantee Fund, which demonstrates the lasting trust placed in Rawbank by its high-level partners. This financing facility will be entirely dedicated to SMEs,” said Mustafa Rawji, Managing Director of Rawbank.
“Rawbank’s work with SMEs in the DRC is ambitious and well structured. The bank allows many entrepreneurs to access the financing they need to grow and innovate. It was therefore natural for us to renew our support,” said Mr. Jules NGANKAM, Managing Director of the African Guarantee Fund.
Since the launch of its activities in 2002, Rawbank has built up a network of leading international partners, who have supported its action in favor of national economic development. Over the years, Rawbank has become the leading partner for SMEs in the DRC, particularly through its Lady’s First program.
To further their partnership, Rawbank and African Guarantee Fund are currently working on the implementation of a technical assistance program in the credit and commercial processes.