Thursday, August 13, 2009

World Bank President visits Rwanda

World Bank President Robert Zoellick visited Rwandan President Paul Kagame Wednesday. After emerging from the meeting Zoellick told the press that he would like to do more for the country.

In this Reuters article, reporter Lesley Wroughton details some of Rwanda's current needs.

Zoellick said the World Bank wanted to bolster the areas of infrastructure, farming and private sector development.

After several years of strong growth, Rwanda has been hit hard by the collapse in global trade and commodity prices.

Lower levels of foreign direct investment are seen slashing growth to around 5 percent this year from 11 percent in 2008.

Over the past three years, World Bank assistance to Rwanda totaled about $400 million.

"I'd like to do more," Zoellick said at the end of his visit to the capital Kigali.

He said Rwanda could benefit from international investment in agriculture and revenues generated by new global climate change initiatives for nations that protect their forests.

"This is a country where you feel for every dollar you spend, or every hour you put in, you get a tremendous return," he added.

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