Thursday, March 26, 2009

World Bank grants Rwanda $80 million

The World Bank has granted $80 million dollars to the country of Rwanda. The money is used to fund government run poverty fighting projects.

The World Bank has been supporting Rwanda's budget with direct grants since 2001, the size of last year's grant was $70 million.

For a run down on some of the projects the money will be used for, we go to All Africa and reporter Sam Ruburika.

According to James Musoni, the minister of finance, the fifth PRSG will be utilized in human capital and infrastructure development especially in specific areas that are still an impediment to the country's social economic development.

The Minister mentioned areas such as education, where the fund is expected to help increase the number of teachers and the development of science and technology in schools.

The agriculture sector, for its part, is to benefit from important infrastructure works such as distribution of electricity into rural areas, construction of roads to ease access to the markets and also facilitate the growth of Rwanda's exports.

Furthermore, the grant will be used to deepen and broaden the financial sector thus facilitating the private sector in accessing credit.

US$ 10 million of PRSG V will be earmarked for rural agriculture development which according to Victoria Kakwa, the World Bank country manager, has been improving over the years.

She hailed the progress of Rwanda's economy which registered an impressive growth of 11% in 2008.

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