Access to Finance Rwanda (AFR) is a Rwandan not-for-profit organisation, established in March 2010 by the governments of the UK and Rwanda and with support from the UK Department for International Development and the World Bank. As a result of the demonstration of a strong business case by the Microfinance Challenge Fund (supported by the German development bank KfW and the government of Rwanda through AFR), both BK Capital Ltd and the Association of Microfinance Institutions in Rwanda (AMIR) decided to establish microfinance investment funds. The foreseen purpose of the funds was to provide debt financing to Rwanda microfinance institutions (MFIs).

AFR contracted IPC to support BK Capital Ltd and AMIR in developing sound business plans for the microfinance investment funds and to assist in the establishment of the funds. IPC identified and quantified the current refinancing gap for MFIs and savings and credit co-operatives (SACCOs) in Rwanda. Taking into account the unique characteristics and roles of BK Capital and AMIR, IPC recommended fund designs that would lead to sustainable investment vehicles operated by each partner. Following detailed consultation with the respective fund sponsors, IPC then prepared financial models, business plans and information memoranda for each proposed microfinance investment fund