24 May 2017

Rwanda and India Exim Bank Ink Frw 68 Billion Deal to Fund TVET

India, 24 May 2017 - The Government of Rwanda and India Export Import Bank today signed a financing agreement worth $ 81 Million (Approximately Frw 68 Billion) to support the establishment of integrated Technical Vocational Educational and Training (TVET) system through construction of modern training and production workshops including equipment for ten new vocational training centres and four business incubation centres.

The financing agreement signed on the sidelines on the on-going Africa Development Bank Annual (Afdb) Meetings in India will scale-up and support on-going government efforts to improve quality of technical education and enhance existing capabilities of institutions to become dynamic, demand-driven, quality conscious, efficient, forward looking and responsive to rapid economic and technological developments.

Rwanda's Minister of Finance and Economic Planning, Claver Gatete, said that technical skills have a crucial role in attaining increased output, reducing unemployment, poverty and enhancing social development in Rwanda.

"Rwanda's industrial base is growing but it does not match skills available in the country. It is important that we address the skills gap to ensure that the economy continues to grow and remain competitive," Minister Gatete said.

Recent skills audit conducted indicated that there are significant technical and vocational skills deficiencies to meet the current labour market demand. Filling these skill gaps in the economy will be crucial to the realisation of Vision 2020 and EDPRS2. In order to address this, the government set a national target of creating 200 thousands off-farms new jobs annually.

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