Mauritius Commercial Bank and Bank of Kigali Plc sign USD 20M loan
This transaction is one among the many partnership areas MCB and Bank of Kigali Plc have had over the years.
A USD 20M loan has been successfully signed between The Mauritius Commercial Bank Limited (MCB) (www.MCB.mu) and Bank of Kigali Plc on 26 July 2021. The aim of this loan is to provide additional liquidity to Bank of Kigali Plc over a 1-2 year period, to facilitate the execution of its lending strategy. Despite the challenging market conditions, Bank of Kigali Plc maintains strong financial performance and continues to attract the support of financial institutions, showcasing investors' confidence in the bank.
The loan proceeds will be used mostly to fund their general corporate projects. Bank of Kigali Plc remains a systemically important bank in Rwanda and injection of the funds into the economy will likely boost growth and development.
This transaction is one among the many partnership areas MCB and Bank of Kigali Plc have had over the years. The two institutions have established an excellent relationship and the interactions span across various spectrums of normal banking activities and more specialised advisory services around Capital Markets and Consulting.
"The USD 20M term loan from The Mauritius Commercial Bank Limited will increase Bank of Kigali's liquidity and support our efforts in financing the economic recovery of our customers who have been affected by the Covid-19 pandemic, especially Small and Medium Enterprises," said Dr Diane Karusisi, Bank of Kigali CEO.
Alain Law Min, CEO, MCB Ltd: "I am confident that the USD 20M term loan from MCB will greatly help Bank of Kigali's endeavours to support the local entrepreneurs in their effort to build back the local economy. I am also pleased that this transaction will further strengthen the long-standing relationship between our respective organisations."
Anbar Jowaheer, Head of Financial Institutions and Syndication confirms that: "At MCB, and as an African Bank, we are proud to support other African Financial Institutions in accelerating their growth strategy through our Bank of Banks initiative. As a proactive partner, we are committed to upholding strategic collaboration with our African clients."
MCB, with a standing of more than 183 years, remains a key player within the African landscape. It has subsidiaries and Representative Offices across the continent, along with a broad network of African correspondent banks.
(With Inputs from APO)