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Sunday, 7 July 2024

[Rwanda Forum] Rwanda secures $1 bln funding deal with South Korea | Reuters

Rwanda secures $1 bln funding deal with South Korea | Reuters

Rwanda secures $1 bln funding deal with South Korea

KIGALI, July 5 (Reuters) - Rwanda's Finance Ministry said on Friday that South Korea has awarded it $1 billion in concessionary loans to fund projects in several sectors including transport, healthcare, and education.

The agreement for 2024-2028 doubles and replaces a previous four-year $500 million deal that was expected to finish at the end of 2026, the finance ministry said in a statement.

Rwanda's government said in May that a total of 1.32 trillion Rwandan francs ($1.02 billion) in the 2024/25 budget would come from external loans.

Rwanda's President Paul Kagame was among African leaders who attended a summit in South Korea in early June, that included meeting the country's President Yoon Suk Yeol.

($1 = 1,299.7000 Rwandan francs)

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Reporting by Philbert Girinema; Editing by George Obulutsa and Alexander Smith

Our Standards: The Thomson Reuters Trust Principles.


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-“The root cause of the Rwandan tragedy of 1994 is the long and past historical ethnic dominance of one minority ethnic group to the other majority ethnic group. Ignoring this reality is giving a black cheque for the Rwandan people’s future and deepening resentment, hostility and hatred between the two groups.”

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