Local businesses have been invited to apply for funding under the Economic Recovery Fund (ERF), a two-year facility established by the Government to accelerate the recovery of Covid-19 hit businesses.

The Fund is an intervention designed to revive business activity and safeguard employment in the wake of the Covid-19 pandemic.

According to the Ministry of Finance, the fund has started with an initial Rwf100 billion to be distributed towards the hospitality sector loan refinancing, businesses in manufacturing (including agro-processing), transport and logistics as well as small and medium enterprises linked to domestic and global supply chains.

"The Economic Recovery Fund in addition to other recovery measures will help to overcome the significant hardship brought on by Covid-19 on businesses and individuals and allow them to be in a position to play a meaningful role in our economic recovery," the Minister said in a statement.

The fund will be disbursed by the Central Bank to commercial banks, microfinance institutions and SACCOs which will then lend to eligible businesses.