Friday, July 5, 2024:

Today, the Government of Rwanda and the Government of the Republic of Korea signed a $1 billion framework arrangement aimed at providing concessional funding for a range of projects. The financing by Korean Government is channeled through the Economic Cooperation Development Fund (ECDF).

This new framework arrangement replaces the previous one signed in 2022, which had an allocation of $500 million for the period 2022-2026.

Covering the years 2024 to 2028, the five-year agreement will be aligned with Rwanda's second National Strategy for Transformation (NST2) and is set to support projects in key sectors of the Rwandan economy, including transportation, healthcare, and education.

Following the agreement signing, Minister of Finance and Economic Planning Yusuf Murangwa emphasized, "Rwanda-Korea current bilateral cooperation is aligned to our National Strategy for Transformation and plays a pivotal role in enhancing Rwanda's human capital for the 21st century, transforming our agricultural sector, establishing a foundation for ICT-led governance, and nurturing a thriving business environment. The framework signed is a significant milestone in our bilateral cooperation and provides assurances to achieve even more results in areas of our engagement."

The Ambassador of the Republic of Korea to Mr. Jeong Woo Jin said. “I trust that the EDCF Framework Arrangement signed today will serve as a robust foundation to elevate the relations between our two countries to the next level after the inaugural 2024 Korea-Africa summit where H.E. President Kagame attended. I believe there is more room to cooperate in bilateral relations, especially based on the continuous cooperation in Agriculture, ICT, Education, Health and Infrastructure”.

Rwanda and the Republic of Korea have a longstanding history of warm bilateral and multilateral development cooperation. Key areas of collaboration between the two nations include education and capacity building, rural development, healthcare, energy, agriculture, and information and communications technology.