Rawbank, a major player in the banking sector in the Democratic Republic of Congo, and the African Guarantee Fund, a financial institution for financing SMEs in Africa, have concluded an agreement aimed at increasing the lines of guarantee granted to the Bank for a total amount of 35 millions of dollars.

After the signing of two guarantee agreements in 2016 and 2017, the African Gurantee Fund, one of the most important financing institutions on the continent, renews its confidence in Rawbank through a total amount of 35 million USD .

This financing guarantee will be entirely dedicated to SMEs qualified for green financing. This program is aimed at companies carrying out activities related to energy efficiency, renewable energies, agriculture, the management of intelligent natural resources or even climate insurance. The inauguration of this partnership reflects the Bank's commitment alongside Congolese SMEs and for the country's sustainable development. It is also a sign of the bank's solidity, despite a year marked by the economic consequences of Covid-19.

“We are delighted with the increase in this line of financing, which reflects the confidence placed in Rawbank by its pan-African partners. The African Guarantee Fund has more than doubled the agreements we signed in 2016 and 2017. This new agreement will allow us to continue to assist Congolese SMEs working to preserve the environment in our country,” said Mustafa. Rawji, Managing Director of Rawbank.

Thanks to the trust granted by international partners including the African Development Bank and Shelter Afrique, Rawbank has become the leading partner for SMEs in the DRC. The Bank has developed the Lady's First program in order to build the capacity of entrepreneurs, facilitate their access to financing and thus develop the local economic fabric. Earlier this year, Rawbank benefited from USD 20 million in financing from the Trade Development Bank to support large Congolese companies and SMEs affected by the Covid-19 pandemic.

“Rawbank is a long-standing partner. Since its creation, the Bank has supported SMEs and thus participated in the development of the local economic fabric. Companies working to preserve the environment in the Democratic Republic of Congo have encountered significant difficulties over the past year. With this line of guarantee, they will find in Rawbank a reliable banking partner”, declared Mr. Jules NGANKAM, Managing Director of the African Gurantee Fund.

About RAWBANK

With more than 1,700 employees with nearly 100 points of sale and a representative office in Brussels, more than 400,000 customers and 27% market share, RAWBANK supports the development of the Congolese economy. Rawbank is rated by Moody's, ISO/IEC 20000 and ISO/IEC 27001 certified, and has established financing partnerships with several international donors (IFC, Shelter Africa, TDB, BAD, etc.). Safety, profitability and sustainability are Rawbank's operational priorities to consolidate its growth strategy, particularly in the direction of individuals and the private sector.

About African Guarantee Fund

The African Guarantee Fund is a non-banking financial institution whose objective is to promote economic development, increase job creation and reduce poverty in Africa by providing financial institutions with guarantee solutions and support for capacity building, specifically aimed at supporting SMEs in Africa.

African Guarantee Fund was created by the Government of Denmark through the Danish International Development Agency (DANIDA), the Government of Spain through the Spanish Agency for Cooperation and International Development (AECID) and the African Bank of Development (ADB). The other shareholders are: the French Development Agency (AFD), the Nordic Development Fund (NDF), the Investment Fund for Developing Countries (IFU) and the KfW Development Bank.

AGF is rated AA- by Fitch Ratings.