Rwandan ambassador to China, James Kimonyo has called for more Chinese finance towards projects in the country, pointing out how Chinese support has contributed to addressing global socio-economic challenges.
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He made the remarks Tuesday, November 5 on the side-lines of the China International Import Expo (CIIE) in Shanghai, China, during an event hosted by the China Exim (CEXIM) Bank, a policy bank that was chartered to implement China’s policies in industry, foreign trade, economy, and foreign aid to other developing countries.
From November 5 to 10, a number of Rwanda companies are participating in the CIIE, a mega annual expo that takes place in Shanghai, hosted by the Chinese Ministry of Commerce working together with the World Trade Organisation, the United Nations Industrial Development Organisation, and the International Trade Centre.
Speaking at the side event, which was attended by dignitaries including Wang Chunying, the Vice Chairman and President of CEXIM Bank, Kimonyo described Rwanda as a nation known for its remarkable transformation and stands as a beacon of opportunity and hope in the heart of Africa.
"The government of Rwanda has worked diligently to create an excellent business environment, enabling both local and foreign investors to thrive. This has helped to attract investors from across the globe including Chinese investors in various sectors.
As we speak today, China ranks No.1 in foreign direct investment to Rwanda, a testament to the robust partnership we have built,” he noted.
Pointing out that in 2023, under Chinese president Xi Jinping’s direction, two Chinese policy banks –CEXIM Bank and China Development Bank, were tasked to set up a 350 billion yuan ($ 48.75 billion) financing window to support projects including robust connectivity network, ecommerce, green infrastructure and technology in partner states, Kimonyo noted that Rwanda is looking forward to benefiting from such financing.
"Rwanda looks forward to working closely with the bank (CEXIM) to access part of 350 billion yuan earmarked to operationalize BRI goals and objectives so as to accelerate our socio-economic progress,” he noted.
"Going forward, we will be working together to ensure that projects presented to the bank for financing are bankable and are funded timely to ensure that we collectively deliver on the desired positive and transformative impact to Rwanda and by extension to Africa,” he noted.
He also noted that he is confident that the future holds immense promise for Rwanda-China relations.
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Rwanda has consistently participated in the expo since its inauguration in 2018, increasing awareness of Rwandan products to the Chinese consumers, as well as exploring investment opportunities.
According to the Rwandan embassy in China, the Rwandan companies at this year’s CIIE include those promoting coffee, chilli, honey and hand crafts.
In September, during the Forum on China-Africa Cooperation (FOCAC) summit, China announced that it had elevated Rwanda to "Comprehensive Strategic Partnership", one of the highest levels of relationship that the Asian country has with other nations.
Comprehensive Strategic Partnership with China refers to a formal and high-level bilateral relationship between China and another country. It signifies a deep, long-term commitment to cooperation across multiple sectors, including economic, political, security, and cultural areas.