Rwanda Seals $150 Million Skills Development Agreement with World Bank

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Rwanda and World Bank have agreed a $150 million financing agreement to assist the country accomplish skills development in chosen economic sectors.

In a statement on Wednesday, Rwanda’s Ministry of Finance and Economic Planning disclosed that half of the fund is a grant while the other half is a concessional loan which is payable within 38 years, with a six-year grace period at 0.75 percent interest rate.

The ministry said that the project is planned to improve access to technical and vocational education as well as higher education programs required by labour market and the social and economic growth of Rwanda.

Minister of finance and economic planning, Uzziel Ndagijimana in a communique said, “Skills development and employment promotion are central to Rwanda’s National Strategy for Transformation. Equipping the workforce with the right skills for economic transformation is central to our long-term development objectives, so this support will contribute to upskilling Rwanda’s workforce for long-term economic transformation.”

the World Bank Task Team Leader for the project, Ruth Karimi Charo, expressed optimism that the program will aid the establishment of a strong base for skills required in the productive sector in Rwanda, and equip the youth with relevant practical and technical skills to increase their chances of getting employed.

Source: CGTN Africa