Rawbank Partners with ARSP to Boost Funding for 20,000 SMEs in DRC
RAWBANK CEO Mustafa Rawji is leveraging the expertise of the Private Sector Subcontracting Regulatory Authority (ARSP) to reach 20,000 small and medium-sized enterprises (SMEs) that will benefit from the $200 million allocated by the financial institution. He made this announcement during a working session held at the ARSP.
“Rawbank is seizing an opportunity to create substantial wealth and expand SMEs in the DRC, particularly in the mining sector and other industries regulated by the ARSP.
Traditionally, banks have focused on financing large companies, but we recognize the urgent need to broaden our financing scope and accelerate support for SMEs,” Rawji explained to the press after the session.
He noted that the call to action came directly from an interview with the President of the Republic, who urged banks to increase their engagement with the SME sector.
“The goal is to finance 20,000 SMEs in the DRC. We have already supported 8,000 and have 12,000 remaining to finance. We aim to utilize the ARSP’s market monitoring department to identify credible SMEs for support.
Rawbank has committed $200 million to finance SMEs linked to larger companies, facilitated by our collaboration with the ARSP,” he added.
ARSP CEO Miguel Kashal announced that the list of subcontractors who have secured contracts with major companies will be provided to Rawbank to facilitate the financing process. Additional collaborative efforts will take place in a tripartite format between ARSP, RAWBANK, and FOGEC.
“We will send the list of successful subcontractors to Rawbank. Our objective is to empower these entrepreneurs to grow, as significant business development requires banking support.
At the appropriate time, we will partner with FOGEC to enhance the capabilities of Congolese entrepreneurs, aligning with the President’s vision.
We appreciate the commitment of partners like Rawbank, as their financing will support multiple companies and contribute to the development of the value chain in the DRC,” Kashal stated.
The ultimate aim of ARSP and its partnership with RAWBANK is to foster the emergence of a robust Congolese middle class, in line with President Félix Tshisekedi’s vision.
