{The Government of Rwanda and the Republic of Korea today signed an “Agreement” and an “Arrangement” that would see the later extend a loan facility worth US$ 51 million (approximately RwF 36 billion).}
According to a statement from the Ministry of Economy, the Agreement is a document concluded between both governments introducing the basic framework of the EDCF loan and outlining their responsibilities and is in force for a minimum of ten years.
The Arrangement also signed today is for an individual project in this case the University of Rwanda Infrastructure Development project, stating the basic financing terms and conditions.
The support will be in form of a concessional loan from the Economic Development Cooperation Fund (EDCF) for the construction of University of Rwanda Infrastructure Development.
Speaking after the signing ceremony, Claver Gatete, the Minister of Finance and Economic Planning stressed the importance the government of Rwanda attaches to education.
“Rwanda aims to be a knowledge based economy in the near future. We believe that it’s through education that we can truly transform the lives of Rwandans both at an individual and National level,” Minister Gatete said.
The loan facility will finance 4 of 16 components of the University of Rwanda. These include University’s headquarters and ICT center in Kigali, equipping ICT center, the school of Mining & Geology at KIST and provide capacity building of technicians.
The Ambassador of Korea to Rwanda H.E Hwang Soong-Taik said “we believe this fund will contribute towards long term sustainable development through promoting education”.
Minister of Education Professor Silas Rwakabamba noted that the support will support Rwanda’s education largely.
“Rwandans used to go outside the country for further education and more knowledge due to lack of some materials. This money will support; mining and geology, Regional centers, ICT centers and headquarters which will link up the entire private and government sectors and we shall construct advanced laboratories,” Minister Rwakabamba said.
The Republic of Korea supports Rwanda through its Korea International Cooperation Agency (KOICA) which provides grants and technical assistance to Rwanda’s development projects since 2006. Korea’s is active in education, agriculture and ICT. It’s a silent partner in urban and rural settlement as well as health.
RNA
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