In September, OeEB (USD 15 million) and Finnfund (USD 10 million) signed a credit line for CRDB Bank Burundi (“CRDB”). The credit line will be used to finance MSMEs in Burundi. At least 30% of the loan proceeds will be directed to women-owned enterprises.
| Project name | CRDB Bank Burundi |
| Region | Sub-Saharan Africa |
| Sector | Financial sector / Microfinance / SME |
| Service | Investments & Financing |
| Project country | Burundi |
| OeEB project volume | USD 15 million |
| International climate finance according to UNFCC | No |
| Additionality | Financial Additionality |
| Project partner(s) | CRDB Bank Burundi |
CRDB was founded in 2012 and is one of Burundi's largest banks. With seven branches, 26 franchise companies, 2,000 agents and digital platforms, it serves over 32,500 customers in all five provinces of Burundi.
The investment by OeEB and Finnfund is intended to reduce the financing gap for MSMEs in Burundi and support around 4,000 companies. At least 30% of the funds are earmarked for women-owned businesses, meaning that the financing meets the criteria of the international 2X Challenge.
For OeEB, the credit line with CRDB is both its first transaction in Burundi and the first to be secured by a guarantee through the MSME programme of the European Fund for Sustainable Development (EFSD+) as part of the European Union’s Global Gateway strategy, implemented by EDFI Management Company, in addition to the guarantee from the Austrian Ministry of Finance.