With support from the World Bank, the Western Balkan economies are making significant progress in aligning their national payment systems with EU standards as part of their accession goals.

KEP Trust plans to on-lend the proceeds of the senior, unsecured loan to micro-, small and medium-sized enterprises (MSMEs).

The initiative, known as the Debt Resolution Project, is expected to create a safety net for businesses and investors, improving access to credit, especially for small and medium enterprises.

The Executive Director of Association of Microfinance Institutions said that a total amount ranging between RWF 4 billion ($4M) and RWF 5 billion ($5M) has been channeled through microfinance institutions to help small businesses recover from COVID-19 effects.

The four-year partnership will help expand access to long-term local currency finance in Rwanda for key sectors such as housing, agribusiness, and smaller businesses.

The facility has been provided under IFC’s Small Loan Guarantee Program (SLGP), a programmatic approach to risk-sharing that aims to strengthen the capacity of financial institutions to finance SMEs in low-income countries.

In effort to safeguard employees and clients, the Association of Microfinance Institutions in Rwanda (AMIR) instituted various measures to raise awareness about the virus and control its spread in the industry.

The National Bank of Rwanda has instructed mobile network operators to waive charges on all transfers with bank wallets, person-to-person and merchant fees on payments.