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Those who are eligible for the support are Micro, Small & Medium Enterprises (MSMEs), individuals, associations, cooperatives. So far 26,000 projects have been supported to the amount of Rwf150.4 billion. “For youth and women projects, we cover 75 percent of collateral required by the banks. We are explaining to people about BDF services, the process that they can go through to be able to work with financial institutions and we cover their required collateral. We launched the campaign about guarantee because we realized that many people are still unaware of such opportunities,” Mugwaneza explained. She added that their interest in business people dealing in the clothing industry was because they make a major contribution to the implementation of Made-In-Rwanda initiative as the government seeks to reduce the import bill and in the process of phasing out second-hand apparel. “We have to promote local manufacturing by easing access to finance for the entrepreneurs. That is why we targeted the exhibitors of locally made clothes,” she added. The government is in the process of drawing up a strategy to develop the textiles, apparel and leather industrial sectors. It is estimated that, if everything goes as planned, it could create 25,655 jobs, increase exports to $ 43 million and decrease imports to $ 33 million by 2019 (from $124 million in 2015).
For the original version including any supplementary images or video, visit http://www.newtimes.co.rw/news/featured-financing-available-bdf-tells-local-textile-industry
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