KIGALI – Rwanda’s Finance Ministry said on Friday that South Korea has awarded it $1 billion in concessionary loans to fund projects in several sectors including transport, healthcare, and education.
The agreement for 2024-2028 doubles and replaces a previous four-year $500 million deal that was expected to finish at the end of 2026, the finance ministry said in a statement.
Rwanda’s government said in May that a total of 1.32 trillion Rwandan francs ($1.02 billion) in the 2024/25 budget would come from external loans.
Rwanda’s President Paul Kagame was among African leaders who attended a summit in South Korea in early June, that included meeting the country’s President Yoon Suk Yeol.
($1 = 1,299.7000 Rwandan francs)
(Reporting by Philbert Girinema; Editing by George Obulutsa and Alexander Smith)
