KCB bankrolls steel production plant

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Imana Steel Rwanda, a steel manufacturing facility in Bugesera District, Eastern Province, is set to start production this year after it secured a $12 million (Rwf8.64 billion) loan from KCB Bank Rwanda to finance the project.

While unveiling the credit facility in Kigali, Maurice Toroitich, the KCB Rwanda managing director, said the bank will fund 57 per cent of the project that is expected to produce 30,000 tons of steel per annum and create about 300 jobs.

“The manufacturing facility will produce steel bars and other steel products,” Toroitich said in a statement.

Imana Steel Rwanda is a joint venture between two companies; Metal Cans & Closure Kenya Limited and Sigma Group of Companies of India.

The two entities have extensive experience in steel business spanning over two decades. The project will be a huge relief to the local construction sector, which largely depends on imported building materials