Rwanda: Minicom, Indian Bank to Enhance Trade Competitiveness

Posted on :Wednesday , 4th November 2015

The ministry of trade and industry (Minicom), in partnership with the Export and Import Bank of India (EXIM), have come up with strategies that are geared towards promoting export growth in the country.

Speaking at a stakeholders' consultative meeting entitled 'Enhancing Rwandan Export Potential' yesterday, the permanent secretary of Minicom, Emmanuel Hategeka, said that the issuance of export credit insurance/ guarantees is important for trade finance, reducing credit risks and allowing exporters to offer open accounts to competitive markets.

"In the national export strategy, we need to largely emphasize on dealing with export funding. This strategy has four pillars which will significantly address challenges that are faced by our exporters" Hategeka said.

He noted that export finance has been identified as one of the key issues that impede the growth of exporting companies, adding that Rwandan exporters face other challenges like access to technology, knowledge of standards and certification, and access to foreign markets.

"There are a number of challenges that constrain Rwanda's export base. Minicom has found it necessary to begin with addressing concerns about export funding," he said.

The national export strategy recommended the formulation of an export growth facility which comprises of investment catalyst fund, matching grant for market entry, and export guarantee fund.

EXIM bank has been engaged in undertaking assignment for institutional capacity building for export credit and insurance. The assignment is phase one of a three-phase assignment.

Presenting the findings of the first phase, N. Shankah, executive director of EXIM Bank, said that one of the challenges hindering Rwandan exporters is lack of special products for financing exports.

"There is also limited access to post-shipment finance which hinders Rwandan exporters to effectively and efficiently carry out their business transactions," noted Shankah.

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