Rwanda allocates 105 mln USD to finance businesses affected by COVID-19

KIGALI, June 9 (Xinhua) -- Rwanda has allocated 100 billion Rwandan francs (about 105 million U.S. dollars) for a loan scheme to support businesses affected by COVID-19, a senior Rwandan official said here Monday.

The funds, equal to about one tenth of Rwanda's total gross domestic product, are available to businesses applying to their respective commercial banks, Uzziel Ndagijimana, minister of finance and economic planning, said on Rwanda Television.

Eligible businesses are those affected by the coronavirus and in need of finance to maintain operations during the current severe pandemic, Ndagijimana added.

The funds "will ensure that businesses keep operating normally and no employee would lose their jobs due to the impact of COVID-19," he said.

The funds will be accessible to businesses at an affordable interest rate for a period of two years, and a national committee has been established to oversee fund disbursements and assess applications from businesses, said the minister.

As of Monday evening, Rwanda has reported 451 coronavirus cases, with 297 recoveries and two deaths. 

Source: Xinhua