The World Bank announced Monday 120 million U.S. dollars credit to support Rwanda’s skills development.
The World Bank’s country manager to Rwanda Yasser El-Gammal said the credit facility was expected to help in the implementation of programs under Rwanda’s development blueprint, the second Economic Development and Poverty Reduction Strategy (EDPRS2).
“It will also help Rwanda achieve its target of creating more than 200,000 off-farm jobs as prescribed in the EDPRS2 blueprint,” he said at the signing ceremony of the financing deal in Kigali, capital city of Rwanda.
The 38-year concessional loan will be allocated toward priority sectors including manufacturing, energy, transport and logistics, said Rwanda’s finance minister Claver Gatete.
The programs that the loan will support including a 3-year Priority Skills Program for Growth project, which will focus on high priority economic sectors such as energy, transport and logistics, and manufacturing with a focus on “Made in Rwanda” products.
The program will ensure provision of quality training program with market relevance, and expand opportunities for continuous upgrading of job-relevant skills for sustained employability.
This is the second line of credit extended to Rwanda in the recent past.
Last week, the World Bank Group announced 50 million U.S. dollars towards Rwanda’s power connectivity through off-grid solutions.