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Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
Banque Rwandaise de Development S.A.
Project ID
Fiscal year
Not Active
Guarantee holder
ADC Financial Services and Corporate Development
Investor country
Host country
Environmental category
Financial Services
Date SPG disclosed
August 19, 2008
Project Board date
September 04, 2008
Gross exposure
 $6.0 million
Project type

View Summary of Proposed Guarantee

Project Description

MIGA has issued a guarantee of $6.04 million to ADC Financial Services & Corporate Development (ADC) of Mauritius covering its equity investment in Banque Rwandaise de Developpement (BRD).  The coverage is for a period of up to 15 years against the risks of transfer restriction, expropriation, and war and civil disturbance.

BRD—Rwanda’s development bank—is owned by the Government of Rwanda, bilateral development agencies and private investors. ADC has committed $6.5 million equity to acquire a 25 percent stake in BRD through a capital increase. BRD has two main business lines: lending to small and medium size enterprises (SMEs) and making equity investments in greenfield projects that are seen as central to Rwanda’s growth.

Fostering broad-based growth in economic activity and in the private sector is important for Rwanda’s continuing economic recovery. BRD plays an important role in the creation and development of companies and products that can contribute to the economic development of Rwanda, by providing capital as well as cash vouchers, subscribing to bonds, and granting short, medium and long-term credits. This project is expected to have a positive impact on Rwanda’s economy by providing BRD with the necessary capital to increase its lending portfolio in the country, thereby helping it to increase its support for SMEs and greenfield businesses.

MIGA’s participation in this project is aligned with its strategic priorities. The guarantee supports a project in an IDA-eligible (among the world’s poorest) African country and a South-South investment. It was underwritten through the agency’s Small Investment Program.

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