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The concessionary loan is expected to finance the Rubengera-Muhanga road project, which stretches across 61 km
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The project aims to renovate and expand the road linking the two cities to enhance traffic flow between them
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It is also expected to facilitate the people’s access to social, health, and educational services
The African country of Rwanda has signed a loan agreement with the Abu Dhabi Fund for Development, as a result of which it will get a loan of AED55 million, or around $15 million, said local reports on Wednesday, July 14.
The concessionary loan is expected to finance the Rubengera-Muhanga road project, said the reports, adding that it stretches across 61 km.
The project reportedly aims to renovate and expand the road linking the two cities to enhance traffic flow between them, as well as facilitating the people’s access to social, health, and educational services.
It is also apparently targeted at driving economic sectors, such as agriculture, tourism, and transportation, and bolstering trade between Rwanda and its neighboring countries.
The local reports quoted ADFD Director-General Saif Al Suwaidi as saying that the agreement would serve as a major stride in Rwanda’s efforts to achieve its strategic vision to boost economic activity and enhance the quality of life.
He added that ADFD would continue working with Rwanda’s government, to accelerate its developmental drive.
The reports also quoted Emmanuel Hategeka, Rwanda’s ambassador to the UAE, as saying that the project is a key pillar of Rwanda’s 2050 vision, as well as its efforts to drive the economy, as it helps support many sectors.