Three World Bank Group Vice Presidents in Rwanda

KIGALI - Three World Bank Group Vice Presidents will be in Kigali this week to help catalyze support for increased investments in Rwanda’s private sector. World Bank Regional Vice President for Africa, Obiageli Ezekwesili, the Executive Vice President for the Multilateral Investment Guarantee (MIGA), Izumi Kobayashi, and Thierry Tanoh, the Vice President for the International Finance Corporation (IFC), will represent the World Bank Group at the Investors’ Forum today. The three will also attend the 9th meeting of government of Rwanda, and development partners taking place between the 4th and 5th of November 2010. The investors forum will showcase trade and investment opportunities open to domestic and foreign investors in the horticulture and tea sectors in Rwanda while the latter will review progress made in economic development and agree actions to address bottlenecks and key constraints to aid effectiveness. It will also develop a strategy to further enhance synergies between aid and private investment for the attainment of the Millennium Development Goals. The International Development Association (IDA), the arm of the Bank, which provides zero-interest credits and grants to low-income countries, has committed $267.28 million in 11 projects covering different sectors, including energy, agriculture and private sector development. In addition, IDA disburses general budget support of about $80 million annually. The IFC, the private sector arm of the Bank, has commitments of $20.37 million in five operations including in agribusiness, tourism and transport/logistics. Through its Investment Climate Reform Project, IFC also supports Rwanda in improving its regulatory environment, building institutions, and attracting private sector participation. MIGA has provided guarantees to three projects in the financial sector amounting to $ 17.3 million. Ends

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Three World Bank Group Vice Presidents in Rwanda