Kigali, 17 May 2021 – To support the Rwandan health system, the Eastern and Southern African Trade and Development Bank (TDB) is pleased to announce the financing of the expansion of Kigali’s King Faisal Hospital (KFH)’s outpatient facilities with over USD 14 million in a 6-year primary forfaiting transaction.
King Faisal Hospital (KFH) is a multi-specialty 160-bed quaternary hospital providing a range of specialized health care in Eastern and Central Africa. In addition to the new outpatient clinic and doubling of the hospital’s outpatient facilities capacity to 45 consultation rooms, TDB’s financing will support the renovation and construction of the outpatient block’s education and research centre, day care premium facilities, electric substation, safety ramps, and main entrance and lobby. Additionally, patient flow and experience will be quicker and better, and each specialty clinic will now have a dedicated triage and consultation space.
KFH contributes greatly to the realization of Rwanda’s Health Sector Strategic Plan IV priorities and targets, in turn which support the achievement of SDG 3: Good Health & Well-Being in particular, as well as other goals indirectly.
“The expansion of King Faisal Hospital will enhance much-needed access in the region to quality healthcare services and support the health and well-being of the Rwandese people,” says Admassu Tadesse, TDB Group Managing Director and CEO. “This transaction is an example of TDB’s growing financial support to the health sector in this more challenging market environment marked by the Covid-19 pandemic.”
Michael Awori, TDB Deputy CEO and COO added that: “for this transaction, TDB worked with the sponsor of the project, the contractor and Bank of Kigali Plc (BK), delivering liquidity to enable the project to continue its implementation, unlocking additional impact, especially given the premium placed on liquidity during COVID. Furthermore, apart from direct SDG-3 benefits, this project will contribute positively to the country’s balance of payments, via new receipts from regional medical tourism in Rwanda, and savings from Rwandan medical tourism abroad.”
“The contribution of the Eastern and Southern African Trade and Development Bank (TDB) comes at a time when the hospital’s primary focus is to improve patient experience and the application of cutting-edge medical technology” says Prof. Miliard Derbew, King Faisal Hospital Chief Executive Officer.
He adds that “the construction of the education and research block will create an enabling environment for clinicians to develop innovative research projects that address Rwanda and the region’s unique clinical conditions and disease burden. This would also promote continuous capacity development for our medical practitioners, train in highest level specialties and have a fully established research center.”
TDB has been active in Rwanda since its establishment in 1985, providing support to the Government and to corporate clients alike, across various sectors – at the service of the sustainable development of the country. This transaction builds on a donation of portable patient monitors to Rwanda Biometric Center (RBC) made last year as part of TDB’s Covid-19 Emergency Response Programme (CERP), in support of the Ministry of Health’s efforts to combat the Covid-19 pandemic in the country.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development finance institution, with 41 sovereign and institutional shareholders and assets of USD 7 bn. TDB serves 22 economies in its region, with the mandate to finance and foster trade, regional economic integration, and sustainable development.
TDB is part of the TDB Group, which also comprises TDF (the Trade and Development Fund), ESATF (the Eastern and Southern African Trade Fund), TCI (TDB Captive Insurance), and the TDB Academy.
About King Faisal Hospital Rwanda
King Faisal Hospital Rwanda was constructed between 1987 and 1991 with support from the Saudi Fund for Development. It is a Government-owned private company, registered with Rwanda Development Board (RDB) as a Private Company limited by shares.
A multi-specialty quaternary teaching hospital that provides a range of specialized health care services in Rwanda and the region.
About Bank of Kigali Plc
Bank of Kigali Plc was incorporated in the Republic of Rwanda on December 22nd 1966 as a joint venture between the Government of Rwanda and Belgolaise, the subsidiary of Fortis Bank and commenced its operations in 1967.
In 2005, the Government of Rwanda acquired the Belgolaise share in 2007, thus increasing its direct and indirect shareholding in the Bank to 100%.
In 2011 the Bank changed its name from Bank of Kigali S.A to Bank of Kigali Limited and to BK Group PlC in 2017 with 3 subsidiary companies namely BK General Insurance, BK TecHouse and BK Capital
Currently Bank of Kigali Plc is the largest commercial bank in Rwanda, by total assets. As of 31 December 2019, the Bank’s total assets were valued at $1,1059 million, with a loan book of $735.8 million, customer deposits of $697.4 million and shareholders’ equity of $239.6 million.
On 29 September 2017, Global Credit Ratings affirmed Bank of Kigali Plc’s long-term and short-term national scale ratings of AA-(RW) and A1+(RW) respectively; with a stable outlook.
The Bank has won several back to back international and regional “Best Bank in Rwanda” awards, including from EuroMoney, The Banker, Global Finance Magazine, and EMEA Finance
Anne-Marie Iskandar, Senior Communications Officer
Corporate Affairs and Investor Relations
Trade and Development Bank
Diana Kaneza, Senior Public Relations Officer
King Faisal Hospital
+250 739 301 129
Corporate Communications Manager
Bank of Kigali Plc.