The Rwandan Development Bank took control of Banque de l’Habitat du Rwanda as part of a plan to boost mortgage lending in the East African country, the New Times reported, citing Finance Minister John Rwangombwa.
The merged operations of the two state-owned institutions will have a combined asset value of 72 billion Rwandan francs ($120 million), the Kigali-based newspaper said.
Mortgage lending in Rwanda is currently about 15 percent to 20 percent of the 420 billion-franc loan book of commercial banks in the country, the newspaper said.
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