Kigali, Rwanda – In a significant move towards promoting the agricultural sector, the Bank of Kigali (BK) has entered into a partnership agreement with the USAID’s Hinga Wunguke Project, implemented by Cultivating New Frontier in Agriculture (CNFA). The collaboration aims to enhance understanding the agriculture industry while implementing the Bank of Kigali’s agribusiness strategy.
The partnership was officially announced on June 30, 2023, by the Bank of Kigali. According to the bank’s CEO, Dr. Diane Karusisi, their vision is to transform agriculture into a profitable business rather than just a means of subsistence. To achieve this, the Bank of Kigali has set ambitious investment targets for agribusiness, expecting substantial returns.
“The agriculture sector in Rwanda holds immense potential, and we are committed to unlocking its economic benefits,” stated Dr. Karusisi. “Through our partnership with USAID’s Hinga Wunguke Project and CNFA, we will gain a deeper understanding of the sector and implement strategies that drive growth and profitability for agribusinesses.”
The Hinga Wunguke Project, funded by the United States Agency for International Development (USAID), promotes sustainable agricultural development in Rwanda. It seeks to address farmers and agribusinesses’ challenges, including access to finance, market linkages, and technological advancements.
By joining forces with the Hinga Wunguke Project, the Bank of Kigali aims to leverage its expertise in financial services and contribute to developing the agricultural sector. This collaboration will facilitate knowledge-sharing, resource mobilization, and the implementation of innovative solutions to enhance the productivity and profitability of agribusinesses across Rwanda.
The news of this partnership has garnered positive responses from various stakeholders. Egide Gatari, a social media user, commended the Bank of Kigali’s initiative, stating, “Nice move!” Adolphe250 expressed excitement for the achievement and encouraged further collaboration with CNFA, while Jude Muzale highlighted the importance of such partnerships in breaking market failures and extending support to other sectors, particularly focusing on Micro, Small, and Medium Enterprises (MSMEs).
As Rwanda prioritises agricultural development and economic diversification, the partnership between the Bank of Kigali and USAID’s Hinga Wunguke Project is expected to play a crucial role in driving progress within the agribusiness sector. By investing in agriculture and promoting sustainable practices, Rwanda aims to strengthen food security, boost rural livelihoods, and stimulate overall economic growth.
The five-year Feed the Future Rwanda Hinga Wunguke Activity aims to increase incomes and improve nutrition in Rwanda by sustainably increasing agricultural productivity and strengthening the domestic consumption and market for high-value and nutritious agricultural products. Hinga Wunguke, which translates to “grow profitable” in Kinyarwanda, utilizes a market systems approach, engaging and working through existing public and private market actors and structures to facilitate inclusive, locally driven and sustainable change.