The Government of Rwanda, in partnership with the African Development Bank's Fund for African Private Sector Assistance, has launched a two-year project to boost industrial capacity in the country.
The Enhancing the Quality of Industrial Policy in Rwanda Project (EQuIP) is worth $550,000. It will build the capacity of staff under the Ministry of Trade and Industry and its agencies, the Rwanda Development Board and the private sector to design, implement and evaluate industrial policies independently or with minimal reliance on external expertise.
The project aligns with Rwanda's ambition to achieve upper-middle-income status by 2035. The underlying economic goals of the industrial policy include creating over 200,000 jobs annually to promote development, positioning Rwanda as a globally competitive knowledge-based economy, promoting industrialization and shifting the export base to high-value goods and services.
Commenting on the project, Minister of Trade and Industry Beata Habyarimana said: "This project comes at the right time, when we are reviewing the 2011 industrial policy. The support to strengthen our capacities to effectively implement and monitor the effectiveness of industrialization strategies through a series of Enhancing the Quality of Industrial Policies (EQuIP) technical assistance and capacity development training is of paramount importance."
Rwanda Development Board Chief Skills Officer, Elodie Rusera, said: "We welcome the support by the Government of Japan through the African Development Bank. We hope that the project will make policy processes more effective, independent, and sustainable."
Aissa Toure Sarr, Country Manager, African Development Bank, said: "The project has been designed to support and stimulate private sector growth, contributing towards more inclusive and sustainable economic growth in Rwanda. It also aligns with the Bank's industrialize Africa strategy. We are committed to providing policy advice and technical assistance to the government through the program."
Masahiro Imai, Ambassador of Japan to Rwanda, said: "I would like to commend the efforts by the Government of Rwanda to stimulate the economy with an excellent openness and transparency vis-à-vis private and foreign investors and financiers. We hope that the project will contribute to achieving the sustainable and inclusive development of Rwanda."
After contracting by 3.4% in 2020 due to Covid-19, Rwanda's gross domestic product growth reached 10% in 2021, according to the 2022 African Economic Outlook. GDP growth is projected at 6.9% in 2022 and 7.9% in 2023.
