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RWANDA: GOVERNMENT TO GET US$100 MILLION IN GRANTS FROM AFRICAN DEVELOPMENT BANK. March 1, 2006

Apunyu Bonny

(SomaliNet) A total of US$100million, about frw560 billion is to be extended to Rwanda by The African Development Bank (ADB) over the next three years. This was revealed on Tuesday Feb. 28, during a press conference addressed by an ADB delegation attended by ministers, secretaries and directors general from different government institutions.

According to ADB resident representative, Kader Guèye, the funds would go towards debt relief, budgetary support and other projects.

“US$20million (Frw11.2billion) will go to debt relief under the Highly Indebted Poor Countries’ (HIPC) initiative, US$30million (Frw16.8billion) for national budget support and the balance US$50million (Frw28billion) to different projects,” Guèye said.

Guèye said that members of the delegation were impressed by the achievements registered by the government.

“The delegation appreciated how the government of Rwanda selected priority areas to be funded by ADB and other development partners and was also satisfied with the way funds are so far used”, Guèye said, claiming that “the bank is committed to further extending financial support to Rwanda”.

Rwanda’s finance and economic planning minister Prof. Manasseh Paul Nshuti said that the said grant will be channeled to priority sectors like energy, water management, agriculture and education. Others are the private sector development, job creation and HIV/AIDS prevention.

“I urged the ADB to channel its aid through the national budget to enhance more effective and equitable allocation of the funding among different sectors of the economy,” Nshuti said.

Mean while, the representative of Rwanda, Eritrea, Ethiopia, Kenya, Uganda, Tanzania and Seychelles, Mr. Gerald Zirimwabagabo, said that the new land law in Rwanda would boost investment in agriculture, infrastructure and mining. He added that the bank president Dr. Kaberuka had laid emphasis on developing the private sector and on diversification to non-traditional potentials such as oil and mineral exploration.