The Mauritius Commercial Bank Limited (MCB) has successfully signed a $20Million term loan facility with Bank of Kigali Plc to support its strategic growth objectives.
The loan proceeds will be used mostly to fund their general corporate projects, to provide more liquidity to Bank of Kigali Plc over a 1-2 year period, and also to facilitate execution of its lending strategy.
This move 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.
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.
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 $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.
According to the Chief Executive Officer, MCB Ltd., Alain Law Min, “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.”
Also, Head of Financial Institutions and Syndication, Anbar Jowaheer, stated, “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 uphold 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.
Omotayo Araoye
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