PTA Bank set on improving Rwanda's financial sector - CNBC Africa

PTA Bank set on improving Rwanda's financial sector

Financial

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PTA Bank pledged to scale up financial support to local investors in Rwanda. PHOTO: Getty Images

The bank made this announcement during a business seminar held in conjunction with the Development Bank of Rwanda (BRD) to discuss the bank’s business in the nation and to explore possible linkages and partnerships with the business community.

(READ MORE: Ease of doing business in Rwanda on the upswing)

“The seminar aims at engaging the business community in Rwanda. We already have existing clients but also for potential clients that agreed to come. We also want you to explore the business opportunities here,” Hubert Ruzibwa, head of services development at BRD told CNBC Africa.

“Rwanda’s vision is to become a middle income country by the year 2020. For that to happen our economy needs to be financed by the private sector and [it] will need the right financing solutions which we believe PTA Bank is able to provide.”

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PTA Bank is a development financial institution established as part of the Common Market for Eastern and Southern Africa (COMESA) economic arrangements. Admassu Tadesse, the PTA Bank president said there is some need for the private sector to use domestic resources to strengthen the economy and also work with government to achieve key national goals.

“We are ready to continue financing long-term projects and working closely with the private sector to facilitate regional trade and support the Rwanda’s industrialization efforts,” Tadesse added.

(READ MORE: PTA Bank looking to expand outside of Africa)

The bank’s intervention will focus on projects in energy, infrastructure, real estate, mining, transport, hospitality, agribusiness health and manufacturing.

“Rwanda will do well in its financial sector because there is a very strong commitment to building sound institutions. [Rwanda’s] regulatory framework is in place and [the country] have a disciplined central bank that is able to do what is required.” 

BY ELAYNE WANGALWA 

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