BRD launches awareness campaign of its economic sectors
Written by: George Kalisa
Thursday, June 20th, 2019, 12:20
Rwanda Development Bank (BRD) June20 launched an awareness campaign that will raise the bank’s general impact activities, especially boosting mass awareness of its economic sectors. BRD officials told the media that the new campaign aligns with the bank’s seven year strategic plan.
Eric Rutabana the CEO at BRD said that “the campaign will boost the level of awareness of the economic sectors managed by the Bank”.
Rutabana said that this campaign will underline the economic services the bank offers in its efforts to provide conducive investment climate in the country including investing in affordable housing, Energy and Export promotion.
He said that BRD will continue “to improve clarity on student loan financing and improved recovery of student loans as well as support agriculture sector”.
The development bank has announced that it will participate in the forthcoming International Trade Fair (EXPO) slated to start July22 where Rwandans and participants in general will access information about BRD products by visiting the bank’s stand.
On affordable housing, Rwanda’s development bank is implementing the National Strategic Plan 2017-2024 under the social transformation pillar – Moving Towards a Modern Rwandan household through facilitating and developing an affordable housing project where Rwandans are the primary beneficiaries.
“The primary beneficiaries of this project are Rwandan households which are unable to access long-term housing finance. The project expects to focus primarily on households with monthly incomes ranging between Rwf200,000 and Rwf 700,000. The primary target segment which may qualify for mortgage loans under the GoR’s strategy on affordable housing finance and loans for homes in the range of Rwf10 - 35 million,” BNR said in a statement.
“Currently Rugarama Estate has been launched with 2850 units, and the construction will be done in phases. The whole project is expected to be completed in 48 months,” added the statement.
Records at BRD show that since 2016 the bank has recovered Rwf 7.7 billion in a period of 3 and-a-half years a significant improvement from the previous pace at which students’ loans were recovered. For over 7 years before the students’ loan financing and recovery the recovery stood at Rwf12 billion.
Some 70,000 Rwandans who were loaned 80 billion to pursue higher education have paid the loans and the banks calls on beneficiaries to pay back so that they can fund more students and eventually make the fund self-sustaining.
Besides sensitization on the importance of paying back loans BRD partners with key players including RRA and IPPIS (MIFOTRA) to increase effectiveness of loan recovery.
Other subsectors where BRD has significantly invested include; Renewable Energy Fund Horticulture export credit guarantee.