Rwanda’s Finance Ministry announced on Friday that South Korea has awarded it $1 billion in concessionary loans to finance projects across various sectors including transport, healthcare, and education.
According to the ministry’s statement, the new agreement for 2024-2028 doubles the previous four-year $500 million deal and replaces it, which was originally set to conclude by the end of 2026.
In May, Rwanda’s government announced that the 2024/25 budget would include 1.32 trillion Rwandan francs ($1.02 billion) sourced from external loans.
Rwanda’s President Paul Kagame joined other African leaders at a summit in South Korea in early June, which included meetings with President Yoon Suk Yeol of South Korea.
YOU MAY ALSO READ: Kenya’s President announces 177 billion budget cut following finance bill withdrawal amid violent protests