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AfDB gives Rwanda 50 mln USD loan for skills development

Xinhua, July 26, 2016 Adjust font size:

The African Development Bank (AfDB) Monday announced a concessional loan of 50 million U.S. dollars toward Rwanda's skills and entrepreneurship development programs.

Negatu Makonnen, the AfDB Rwanda country representative, said investing in skills development and modern infrastructure will ensure sustainable growth.

"We will therefore, continue to support initiatives that supplement government's efforts toward creation of 200,000 off-farm jobs, and development of its human resources to help it realize its growth targets," Makonnen said at a signing event in Kigali.

Rwanda's Minister of Finance Amb Claver Gatete said the program would be instrumental in the promotion of value added production, strengthen micro, small-and-medium enterprises, particularly those engaged in manufacturing and agro-processing.

The funding is towards the third phase of similar two programs which focused on vocational skills development, business advisory services and creation of new start-up businesses developed jointly by AfDB and other partners.

The funding will address the skills gap the country faces and promote market-driven training and innovative entrepreneurship, said Gatete. Endit