The World Bank and Rwanda on Wednesday signed a 150-million-U.S. dollar financing agreement to help the country achieve skills development in selected economic sectors.
The Ministry of Finance and Economic Planning said in a statement that half of the financing is a grant while the rest is a concessional loan payable in 38 years, with a six-year grace period at 0.75 percent interest rate.
According to the ministry, the project is expected to increase the access to technical and vocational education as well as higher education programs needed by labor market and the social and economic development of the country.
“Skills development and employment promotion are central to Rwanda’s National Strategy for Transformation. Equipping the workforce with the right skills for economic transformation is central to our long term development objectives, so this support will contribute to upskilling Rwanda’s workforce for long-term economic transformation,” Uzziel Ndagijimana, minister of finance and economic planning, said in the statement.
Ruth Karimi Charo, the World Bank Task Team Leader for the project, said the program will support Rwanda in establishing a strong base for skills needed in the productive sector, and equipping the youth with relevant practical and technical skills to increase their chances of getting employed.