African Development Bank (AfDB) gave the government of Rwanda frw 52 billion for boosting Skills and entrepreneurship development in the country.
The funds will be allocated through Sector Budget Support for under the 3 year financing loan agreement with the government that will support the second phase of Skills, Employability and Entrepreneurship Development Program (SEEP-II).
This was disclosed after the financing agreement on May 7, 2014 by Government’s Chief Economist Leonard Rugwabiza Minega in Tunis.
Rugwabiza noted that the support was timely as Rwanda looks to boost the implementation the second Economic Development and Poverty Reduction Strategy (EDPRS2).
“Through developing skills and entrepreneurship we hope to ensure sustained economic growth and faster poverty reduction by more than a third from 44.9% to less than 30% over the next 3 years,” Minega said.
“This commitment will go towards promoting entrepreneurship in Rwanda not only through reducing the cost of doing business but also the risk of doing business,” He added.
SEEP II cross-cuts through the four pillars of EDPRS2 which are: economic transformation, rural development, productivity and youth employment as well as accountable governance.
Rwanda will from 19-23 May 2014 host the AfDB annual meetings as well as celebrate 40 years since it joined the bank, while the Bank celebrates 50 years since its existence.
Minega assured that the relationship between AfDB and Rwanda which goes back 40 years from now and we look forward to keep it stronger.
Since 1974, the Bank’s total commitments to the Republic of Rwanda have been more than US$ 1.6 billion with 30% financing infrastructure development.