Rwanda, China sign US$ 60 million grant and US$ 6 million debt exemption

On 19 February 2021 at 10:53

The Government of Rwanda and the People’s Republic of China have today signed an economic and technical cooperation agreement for a grant worth RMB Yuan 400 million (approximately US$ 60 million).

The agreement has been signed by Dr. Uzziel Ndagijimana, the Minister of Finance and Economic Planning on behalf of Government of Rwanda and Rao Hongwei, Ambassador of the People’s Republic of China to Rwanda.

Minister Ndagijimana and Ambassador Hongwei also signed a debt cancellation agreement worth RMB Yuan 40 million (approximately an equivalent of US$ 6 million).

Commenting on the development, Minister Ndagijimana appreciated the support by the Government of the People’s Republic of China that comes in handy during challenging times caused by COVID-19 pandemic.

“This debt cancellation will free some resources that were otherwise going to be used for debt payment,” he said.

“The grant of RMB Yuan 400 Million is significant and will be used for a priority project to be agreed upon. I take this opportunity to thank the People’s Republic of China for the continued support and cooperation in major sectors of our development, mainly: Transport, Agriculture, Health, Education and Energy,”added Ndagijimana.

Ambassador Rao Hongwei said that signed agreement is a testament to China, Rwanda strong friendship.

“Rwanda and China are time-tested friends, partners, and brothers and sisters. Since Chinese President XI Jinping’s historic visit to Rwanda in 2018, the bilateral relationship between Rwanda and China has reached a record high and the comprehensive cooperation between the two countries, esp. in the economic field, has been tremendously diversified and intensified,” he stressed.

“China hopes, by extending the new financial support, to make contribution to Rwanda’s all-round transformation and recovery from the malign impact of the COVID-19 pandemic. Today’s signing of the two agreements also fully demonstrates China’s profound friendship with and strong support to Rwanda,” added Hongwei.

The year 2021, marks the 50th anniversary of the establishment of diplomatic relations between China and Rwanda.

Ambassador Hongwei emphasized that his country is ready to walk with Rwanda for a prosperous future.

“In these times of major new opportunities and challenges, we are ready to work with Rwandan friends to forge new opportunities out of crises, make new advances amid changes, and build an even more glorious tomorrow for China-Rwanda relation,” he noted.

The agreement has been signed by Rwanda's Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana and Rao Hongwei, Ambassador of the People’s Republic of China to Rwanda.