Rwanda and Korea have signed a US$1 billion framework arrangement aimed at providing concessional funding for a range of development projects.
This financing from the Korean government is channeled through the Economic Cooperation Development Fund (ECDF).
The new framework arrangement replaces the previous one signed in 2022, which had an allocation of US$500 million for the period 2022-2026.
Covering the years 2024 to 2028, the five-year agreement aligns with Rwanda’s second National Strategy for Transformation (NST2).
It is set to support projects in key sectors of the Rwandan economy, including transportation, healthcare, and education.
The Minister of Finance and Economic Planning, Yusuf Murangwa said that Rwanda-Korea current bilateral cooperation is aligned to National Strategy for Transformation and plays a pivotal role in enhancing Rwanda’s human capital for the 21st century.
He added that this is for “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 Rwanda, Jeong Woo Jin, said he trusts that the EDCF Framework Arrangement signed today will serve as a robust foundation to elevate the relations between the two countries to the next level after the inaugural 2024 Korea-Africa summit where 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,” he said.
Rwanda and the Republic of Korea have a longstanding history of warm bilateral and multilateral development cooperation dating back to 1963.
Key areas of collaboration between the two nations include education and capacity building, rural development, healthcare, energy, agriculture, and information and communications technology.
The signing of this framework arrangement marks a significant step forward in the bilateral relations between Rwanda and Korea, promising substantial advancements in Rwanda’s strategic sectors over the next five years.