Wednesday, November 2, 2011

BRD Loan $1 million Signed...

On November 1st, UOB signed a $1 million worth local currency loan agreement with Rwanda Development Bank (BRD). BRD is Rwanda's development bank that provides funding for the sectors commercial banks are not willing to support without risk mitigation, such as education, agricultural, micro finance and development projects. This is the first formal event that we have sealed off after UOB signed an MOU with BRD in 2009.

This loan will be used to help expand UOB's micro credit programs. It has taken quite a long time, but it has finally been signed.

God has been gracious to UOB in funding. UOB has now secured all funding required for the whole year 2012 even before the year begins. It is significant because we are projecting a growth of $5.6 million in 2012. Praise the Lord! - Jeffrey

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