COVID-19 Recovery Funds Benefit to 3,000 Businesses in Rwanda

Source: Journal du Cameroun.com

The Economic Recovery Fund (ERF) that was established by the Government of Rwanda to support the recovery of businesses hardest hit by COVID-19 has benefited to over 3,000 small businesses that received financial support through microfinance institutions, an official source disclosed Tuesday in Kigali. The Fund was introduced in June last year with $100 million. The Executive Director of Association of Microfinance Institutions (AMIR), Aimable Nkuranga 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.

There is also another portion to small businesses channeled through MFIs and Business Development Fund could increase in the next phase of the Economic Recovery Fund.