{The cabinet has approved the agreement allowing the government to acquire a \u20ac75.9million loan from International Development Association (IDA) upgrading the Ngoma-Nyanza unpaved road that passes through three districts namely Ngoma and Bugesera (Eastern Province), and Nyanza (Southern Province). } <\/p>\n
The project is subdivided into two lots: Lot 1: Ngoma \u2013 Ramiro (52.8 km) and Lot 2: Kibugabuga \u2013 Gasoro (66.55 km).<\/p>\n
The loan is to be paid in 21 years at an interest rate of 2.85%. <\/p>\n
The IDA loan has been extended for transport projects in countries surrounding Lake Victoria. US$65 million will be provided by Japan, and the government of Rwanda will provide US$23 million. <\/p>\n
While explaining to cabinet, the Minister of Finance and Economic Planning Amb. Claver Gatete said that the loan is categorized into two phases. <\/p>\n
Hon. Mporanyi Theobald observed that the loan will help in establishing infrastructures that will facilitate trading with Burundi, and Tanzania. However, he asked why Government opted for a loan with the very high-interest rate. <\/p>\n
In response, Minister Gatete explained that the terms are fair. \u201cThis time, we have negotiated, that is why we have agreed upon that cost. Nevertheless, when you get the money at 2.85% interest rate and you take into consideration the 9-year period of grace, paying in a 21 year period is almost equivalent to the money we get from Exim Bank of China, because with Exim, the interest rate is 2%, and a 5 year period of grace, thereafter paying back within a 20 year period.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
{The cabinet has approved the agreement allowing the government to acquire a \u20ac75.9million loan from International Development Association (IDA) upgrading the Ngoma-Nyanza unpaved road that passes through three districts namely Ngoma and Bugesera (Eastern Province), and Nyanza (Southern Province). } The project is subdivided into two lots: Lot 1: Ngoma \u2013 Ramiro (52.8 km) and […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[69],"byline":[170],"hashtag":[],"class_list":["post-35588","post","type-post","status-publish","format-standard","hentry","category-news","tag-homehighlights","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/35588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=35588"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/35588\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=35588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=35588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=35588"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=35588"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=35588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}