BRD II

closed

The Government will onlend US$5 million of the proceeds of the credit to BRD at an interest rate of 6 percent per annum. The amortization schedule will conform with the aggregate of the amortization schedules of BRD's subloans and equity investments. The foreign exchange risk will be borne by the Government. BRD will relend the proceeds of the credit to its sub-borrowers at an interest rates of 8.5 percent on medium-term sub-loans to small-scale enterprises and 9 percent on medium term sub-loans to all other enterprises, and at 10 percent on long-term sub-loans to small enterprises and 11 percent on long-term sub-loans to all other enterprises. The Second Banque Rwandaise de Developpement Project will finance about 67 percent of the foreign exchange requirements of the Rwanda Development Bank for 1979 and 1980 (US$5.0 million); and a feasiblity study and cost of equipment and furniture for the establishment of an auditing firm (US$0.2 million).