The branch of Kenyan commecial bank, Equity Bank Ltd in Rwanda has entered into a binding Memorandum Of Understanding (“MOU”) with Swiss company, Sucafina to boost coffee production in Eastern Rwanda under a total investment of $5 million USD, an authoritative source confirmed Saturday to APA in Kigali.
The Chief Operating Officer (COO) at Sucafina, East Africa Bureau, Justin Archer explained that the increasing demand for Rwandan coffee in Europe presents huge market potential for coffee producers in Rwanda.
According to Mr Archer, the new financial incentives in coffee production will lead to a reduction in the area planted with different varieties of the crop in Eastern Rwanda
Official estimates indicate that Rwanda exported 23,000 tonnes of coffee in the financial year 2017/2018, generating $67 million.
In 2018/2019, the country produced 24,500 tonnes which are expected to generate $75 million.
Estimates suggest that a farmer in Rwanda spends about Rw177 ($0.19 USD) to produce a kilogramme of coffee cherries.
CU/abj/APA