The Economic Recovery Fund (ERF) was established by the Government of Rwanda to support the recovery of businesses hardest hit by COVID19 so that they can survive, resume operations and safeguard employment, thereby cushioning the economic effects of the pandemic. National Bank of Rwanda was appointed as the Fund Manager.
To ensure that funds are used appropriately to achieve the impact expected, the Economic Recovery Fund Technical Steering Committee will govern the fund. It will review the performance of the Fund on a monthly basis and report to the Economic Recovery Fund High Level Steering Committee of Ministers, NBR Governor and CEOs (RDB and PSF).
The technical steering committee is composed of Ministry of Finance and Economic Planning, Ministry of Trade and Industry, Rwanda Development Board, National Bank of Rwanda, Private Sector Federation, Rwanda Bankers’ Association, Association of Microfinance Institutions of Rwanda and Business Development Fund.
Main objective: support businesses in the sectors hit hardest by the pandemic so they can survive, resume work/production and safeguard employment. To expand domestic production of essential goods during the COVID-19 and post-COVID-19 period (e.g. medical equipment like masks, gloves, sanitizers, disinfectants, and others that may be deemed necessary during this period).
Sectors eligible for this support include;
All businesses highly impacted by the restrictions put in place to prevent the spread of the virus, and exposed to consumer discretionary spending, and those with global supply chains that have been disrupted. These include but not limited to Tourism, Manufacturing (including Agri-processing), Transport and Logistics and SMEs linked to domestic and global supply chain.
Micro and Small Enterprises (MSEs)/Informal sector: COVID-19 fiscal and monetary responses in place don’t reach the informal economy while the strain on incomes resulting from the lockdown and decline in activities/consumption will devastate informal workers (and their families) close to the poverty line. To protect those business/jobs and stimulate consumption of households, the Fund will create a window to support MSEs via MFIs and provide credit guarantee through BDF.
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