Rwanda - "Compagnie Générale de Banque PLC" (COGEBANQUE)

Project Summary

Approval Date 17 Jul 2019
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 10,244,327.2
Status Approved

Project General Description

The proposed project is a thematic, long term, specialized and targeted finance to Cogebanque whose proceeds will support its lending activities to SMEs operating in transformative sectors in Rwanda. Cogebanque is a commercial bank licensed and regulated by the National Bank of Rwanda (BNR). It was incorporated on July 17, 1999, and operates across the country. The project seeks to provide a financial package comprising: (a) A Subordinated debt3 amounting to USD 10 million with a tenor of 8 years, including five (5) years’ grace period. This will strengthen Cogebanque’s capital in the form of Tier II capital and provide it with a capital cushion for it to continue implementing its Strategic Plan, which involves significant growth in its customer base, banking infrastructure as well as loans and deposits base. (b) A targeted, thematic, Line of Credit (LoC) amounting to USD 4 million with a tenor of 8 years, including two (2) years’ grace period. This facility will enable Cogebanque fund its project pipeline in the manufacturing, and agriculture and energy sectors. Tight liquidity conditions and lack of depth in Rwanda’s financial markets make it difficult for Rwandan banks to source funding for medium to long term projects. This operation presents to the Bank a timely opportunity to work with an FI whose operations and outlook, will enhance development outcomes. The lending will avail important longer-term resources to growth-oriented SMEs focused in agribusiness and manufacturing in Rwanda and therefore enhance private sector development.

Project Objectives

The project will enhance Cogebanque’s capacity to: (i) implement its Five Years’ Strategy Plan; (ii) bolster its balance sheet, hence, enhance its capacity to intermediate and expand its loan book through its on lending activities; and (iii) reduce its asset/liabilities maturity gap as it seeks to enhance its lending to SMEs. At the macro level, the facility will contribute towards: (i) promoting private sector development: (iii) broad-based economic growth through job creation, increased productivity and enhance household incomes; (ii) reducing financing constraints faced by Rwandan SMEs operating in the real sector (manufacturing, and agriculture and energy sectors): and (iii) complement GoR’s efforts to expand and transform Rwanda’s economy.


The main project beneficiary is Cogebanque which is an indigenous financial institution and a key player in the corporate and SME banking segment in Rwanda. It has a broad customer base of circa 24,900 customers, spanning different sectors including telecommunications, clean energy, health, manufacturing, agriculture, as well as construction. The AfDB longer tenor funds will allow Cogebanque to meet its customers’ borrowing requirements particularly in industries where long-term funds are scarce/ unavailable due to the perceived risk profile of SMEs.

Participating Organization

African Development Bank


IATI identifier 46002-P-RW-HAB-006
Last Update 03 Dec 2021


Contact Details


Geographic Location

Country Rwanda