Ambassador Of US in Rwanda, Peter Vrooman speaking at the project launch
On this Thursday September 20th, 2018, (USAID) has officially launched a new 5-year project named ’Nguriza Nshore’ (Lend me So That I May Invest) which will help small and medium businesses in agricultural sector to grow up and create non-farming jobs for rural Rwandans through loans with pity interests rate.
The project will work with financial institutions and private investors to facilitate loans and investments Rwf 39.5 Billion in private funds to small and medium businesses.
Nguriza Nshore’s activities will run from 2018 to 2023, in partnership with the Government of Rwanda, and it expects to create 30,000 new jobs.
During the launch, Michel Sebera, the Permanent Secretary of Ministry of Trade and Industry, Peter Vrooman, the US Ambassador to Rwanda were present.
US Amb. Peter Vrooman states that this project will directly deal with the financial and non-financial institutions so that they can give cheaper loans to the farmers.
“This project will help farmers who have well planned projects to get inputs, mechanizations facilities, quality seeds and money to start value addition of crops," Ambassador Vrooman said.
Ambassador Peter Vrooman touring a short exhibition at the launch venue
PS Michel Sezibera says that this project will have impact to the community. “This project will teach farmers how to catch fish instead of giving out the fish. When you lend money, you work hard so that you can get profit and other money for paying back. So, this will create long lasting relationship between farmers and banks,” Sezibera tells the media.
Nguriza Nshore will use new methods and approaches that will reduce the risk of lending to start up businesses.
As Ambassador Vrooman said, this project will put money in banks and non-banks in order to increase their capacity, and then sit with them so that they set terms and regulations which will help farmers and SMEs holders to get this loan on small interest.
The project will ensure women, youth, and people with disabilities are included; Nguriza Nshore will remove constraints that hamper those populations’ access to finance, and improve their ability to find and create jobs.
Sina Gerard, a Rwandan agroprossessor says that this project will help the sector to move forward as it will be easy for every farmer to get capital for investment.
“Everyone can do agriculture because land is there and the starting capital is less. So, it is pleasure as we get another booster which will lend us money,” Said Sina, an owner of Urwibutso entreprise.