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The Development Bank of Rwanda Plc (BRD), as Rwanda’s high-impact long-term financial services provider, is tasked with supporting the ambitious development targets set by the Rwandan government. Part of BRD’s mandate is to ensure that the private sector invests in sectors critical to achieving Rwanda’s Vision 2050 and the Sustainable Development Goals (SDGs) by supplying affordable, long-term and customised development finance.
BRD sought to achieve these sustainable economic development targets by diversifying its funding sources via capital markets.
RMB acted as Joint Lead Manager (alongside BK Capital Ltd) and sole Sustainability Co-ordinator for BRD’s inaugural FRW150 billion Medium Term Note (MTN) Programme and maiden FRW30 billion sustainability-linked bond (SLB) issuance.
RMB assisted BRD in finalising a SLB framework by structuring the transaction, securing requisite regulatory approvals and engaging both domestic and international investors for the issuance.
The bond is partially credit-enhanced by a World Bank facility, which was a critical factor in attracting investor participation. It assisted BRD with diversify its funding sources by tapping into the local debt capital markets for the first time.
The capital raise sets a new benchmark for developing sustainable finance instruments in the region. BRD is the first national development bank to issue a SLB globally - demonstrating their innovative approach to market development and positioning Rwanda to be on the front line of international debt capital market developments. This issuance is also the first SLB issued in Rwanda and East Africa.
The bond programme will enable BRD to diversify its long-term funding sources by mobilising public and private capital.
It also effectively links BRD’s funding and sustainability strategies, while nurturing BRD’s commitments to achieving Rwanda’s sustainable economic development objectives captured in Vision 2050.
This vision includes access to finance for women-led SMEs and affordable housing, as well as driving implementation of an Environmental and Social Management System (ESMS) across financial sector participants in Rwanda.
| Client | Development Bank of Rwanda Plc |
|---|---|
| Size of the deal |
FRW30bn |
| Sector | Financial Institutions |
| Capabilities | Sustainable Finance, Structuring |
| RMB's role | Joint Lead Arranger, Sole Sustainability Co-ordinator |
| Country | Rwanda |
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