I&M Bank, Swedish Embassy sign guarantee agreement to empower Rwanda’s MSMEs
I&M Bank, a financial institution in Rwanda, has officially entered into a strategic partnership with the Embassy of Sweden in Kigali to bolster the growth and resilience of Micro, Small, and Medium Enterprises (MSMEs) in Rwanda.
According to a press release from the bank, the agreement was signed on January 16, 2024, in Kigali, with the presence and endorsement of I&M Bank CEO Benjamin Mutimura, the Head of Development Cooperation at the Embassy of Sweden, Martina Fors Mohlin, and Access to Finance Rwanda (AFR) CEO Jean Bosco Iyacu.
Under the strategic partnership, the Swedish Embassy and I&M Bank established a risk-sharing facility through a portfolio guarantee aimed at mobilising lending for MSMEs in Rwanda.
The guarantee is expected to facilitate $5 million (more than Rwf6 billion) lending to eligible customers and support MSMEs to overcome collateral requirements.
Access to Finance Rwanda, as the strategic partner of the facility, will work closely with I&M Bank by providing technical assistance, supporting optimal utilisation of the guarantee, and monitoring impact and capturing learnings.
