News Column

Rwanda : RWANDA secures $11.2M from BADEA

June 10, 2014

On behalf of the government of Rwanda, Finance and Economic Planning Minister Amb.Claver Gatete has secured $11.2million from the Arab Bank for Economic Development (BADEA), to meet the Economic Development and Poverty Reduction Strategy 2(EDPRS 2).

The funds have been offered for rural electrification projects in districts of Burera and Nyagatare.

The minister said : "This loan which is a concessional loan fits well in the country s EDPRS 2 particularly in the areas of increasing economic transformation for growth. This will be through productivity and rural development."

With a 10 years grace period and a one percent annual rate of interest, this loan can be repaid over 30years.

Gatete lauded BADEA for the support provided to Rwanda.

The Director General BADEA Abdelaziz Khelef said : "Rwanda is known for it s effectiveness in supporting development initiatives. That informs the bank s decision to continue to support development initiatives of the country."

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Source: TendersInfo (India)