Local businesses have been invited to begin applying for funding under the Economic Recovery Fund (ERF), a two-year facility established by Government to cushion businesses affected by the Covid-19 Pandemic.
According to the Ministry of Finance, the fund has started with an initial Rwf100bn to be distributed towards; hospitality sector loan refinancing, businesses in manufacturing (including agri-processing), transport and logistics as well as SMEs linked to domestic and global supply chains.
Uzziel Ndagijimana, the Minister of Finance and Economic Planning said that with the private sector severely affected by the pandemic, the Economic Recovery Fund in addition to other recovery measures will help to overcome the significant hardship.
The Economic Recovery Fund in addition to other recovery measures will help to overcome the significant hardship brought on by Covid-19 on businesses and individuals and allow them to be in a position to play a meaningful role in our economic recovery," the Minister said in a statement.
The fund will be disbursed by the Central Bank to commercial banks, microfinance institutions and SACCOs which will then lend to eligible businesses.
