18 April 2013

AfDB Provides U.S. $38 Million for Skills Development and Job Creation

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The African Development Bank Group (AfDB) and the government of Rwanda, on April 16, 2013 in Kigali, signed financing agreements amounting to UA 25.61 million (USD 38 million) for a skills, employability and entrepreneurship program. The Bank's support comprises a grant of UA17.19 million (USD 25.3 million) and a loan of UA 8.42 million ( USD 12 623 264) and will finance Rwanda's financial year 2012-2013 budget.

The overarching goal of this sector budget support is to contribute to the Government's policy reform efforts aimed at promoting inclusive growth and accelerating poverty reduction. The agreements were signed by the Rwandan minister of Finance and Economic Planning, Claver Gatete, and the AfDB's Resident Representative, Negatu Makonnen.

The minister commended the Bank for its continued support to his country's development objectives. He noted that the program "will finance the implementation of critical program in the education, employment and enterprise development sectors which comprise key sectors to Rwanda's economic transformation."

Negatu Makonnen highlighted that "beneficiaries will include youth, women and small and medium enterprises. The youth and women comprise 40% and 52% of the population respectively while SMEs account for over 90% of private sector establishments and employ the majority of the population. Therefore, the Bank's support through will directly contribute to improving Rwanda's competitiveness and the broader goal of inclusive growth."

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