China Cancels Rwanda’s US$7.1 million Debt

Date:

Share post:

China has offered Rwanda debt relief of US$7.1 million, or 50 million yuan, in the form of a loan that will be used to build the 6.36-kilometer Masaka-Kabuga road under the Kigali Urban Roads Development Project.

According to a statement from Rwanda, the move is part of the Chinese government’s decision to cancel the outstanding interest-free loan under the Economic and Technical Cooperation Agreement between the two countries.

Debt

The two countries enjoy healthy bilateral cooperation. This is evidenced by the ROC’s significant contribution to realizing Rwanda’s development aspirations.

Also, read; Kenyan Court Bars Gov’t Scheme to Import, Distribute Genetically Modified Crops(GMOs)

“The agreement we signed today strengthens that relationship,” Rwandan Minister of Finance and Economic Planning Uziel Ndagigimana said Monday after signing the debt relief agreement. China was represented by its Ambassador to Rwanda, Wang Xuekun.

Ndagigimana praised the strong economic cooperation between the two countries, which has seen Rwanda benefit from China’s support in various sectors including infrastructure, energy, education and health.

China says the debt relief is part of the economic package announced by President Xi Jinping at the eighth ministerial conference of the China-Africa Cooperation Forum.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Related articles

Meet Anita Asmah: UN’s first African woman force commander

The United Nations has appointed Ghana’s Major General Anita Asmah as Head of Mission and Force Commander for...

Seven Facts You Didn’t Know About South Africa Apartheid

There was a time South Africa was not a friendly destination to visit. Gone are those days because...

Egypt’s Tourism Sector Achieves Record-Breaking Revenue of $14 Billion

Egypt's tourism sector has reached an all-time high, generating over $14 billion in revenue within the past 11...

Ghana Grants Citizenship to Hundreds of African Americans and Caribbeans Reconnecting with Their Roots

In an emotional ceremony held in November, Ghana welcomed 522 members of the global Black diaspora into its...