Rwanda, India sign $200 million loan for agriculture, industrial dvpt

Rwanda and India have signed seven agreements among which include $200 million credit (over Rwf174 billion) which will fund infrastructure development in Special Economic Zones and agriculture development through irrigation programme.

The agreement was signed yesterday between different officials from the Government of Rwanda and that of India and was witnessed by President Paul Kagame and India Prime Minister, Narendra Modi.

The signing ceremony took place at Village Urugwiro before both Heads of States held a joint press conference.

$100 million of the loan will go to construct infrastructure activities in Bugesera and Rwamagana Special Economic Zones as well as expansion of Kigali Special Economic Zone.

The rest $100 million will go to three irrigation projects. The two countries also signed agreements in defence and trade cooperation, memorandum of understanding in agricultural and animal resources among others.

Addressing the media, President Kagame said that the signed agreements will focus on collaboration in priority areas.

“Our two countries have similar ambitions for the prosperity and well-being of our citizens. We appreciate India’s support to Rwanda’s development agenda. The agreements signed today will serve to further focus collaboration on priority area,” Kagame said.

Kagame hailed Indian business delegation which accompanied Prime Minister, saying that both countries’ private sectors will discuss the prospects for collaboration at a business summit that is scheduled Tuesday (today).

“The African Continental Free Trade Area will provide even greater opportunities for investment and trade between Africa and India in the years ahead,” Kagame said.

India’s Narendra said hailed Rwanda’s development journey 24 years after the Genocide that was perpetrated against the Tutsi. He promised India’s contribution to Rwanda’s continued development journey.

India looks to open an embassy in Rwanda and High Commissioner based in Kigali. Narendra said that the move will ease services.

“The proposed opening of the Indian High Commission in Rwanda augurs well for our countries. The bond will deepen and various consular services will also be easily available,” he said.

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