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Rwanda, China Sign US$60M Grant, US$6M Debt Exemption

Rwanda and the People’s Republic of China have signed an economic and technical cooperation agreement for a grant worth RMB Yuan 400 million (approximately US$60 million).

The agreement was signed by Dr. Uzziel Ndagijimana, the Minister of Finance and Economic Planning on behalf of government of Rwanda and His Excellency RAO Hongwei, Ambassador of the People’s Republic of China to Rwanda.

Minister Ndagijimana and Ambassador Hongwei also signed a debt cancellation agreement worth RMB Yuan 40 million (approximately an equivalent of US$6 million).

“We appreciate this support by the Government of the People’s Republic of China during these challenging times caused by COVID-19 pandemic. This debt cancellation will free some resources that were otherwise going to be used for debt payment,” Minister Ndagijimana said.

“The grant of RMB Yuan 400 Million is significant and will be used for a priority project to be agreed upon. I take this opportunity to thank the People’s Republic of China for the continued support and cooperation in major sectors of our development, mainly: Transport, Agriculture, Health, Education and Energy”.

Ambassador RAO Hongwei said, “Rwanda and China are time-tested friends, partners, and brothers and sisters. Since Chinese President XI Jinping’s historic visit to Rwanda in 2018, the bilateral relationship between Rwanda and China has reached a record high and the comprehensive cooperation between the two countries, esp. in the economic field, has been tremendously diversified and intensified.”

China hopes, by extending the new financial support, to make contribution to Rwanda’s all-round transformation and recovery from the malign impact of the COVID-19 pandemic. 

“Today’s signing of the two agreements also fully demonstrates China’s profound friendship with and strong support to Rwanda,” the Ambassador said. Read more here

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