Rwanda to benefit from increased funding by the World Bank’s IFC

The International Finance Corporation (IFC) will increase funding in private investment and consultancy services to the government of Rwanda beginning this year. This was revealed by Ms. Rachel Kyte, the Vice President Advisory Services and board member of the IFC. Kyte is in the country on a working visit after only a month in her new office at the private investment vehicle arm of the powerful World Bank and was speaking to the press on Thursday evening at Serena Hotel. In the past two years we have invested $25m worth in projects and consultancy services to the government, we are encouraged by the willingness of the government to improve, Kyte said. She added that in the next few weeks Rwanda would benefit from a partnership with IFC, in which the IFC will fund Rwandan educational institutions to expand their curricula development. The funds will be accessed by both public and private schools through commercial banks.Vincent Karega, the Minister of State in charge on investments also attended the press conference. He said the response of IFC to Rwanda’s desire to improve the business climate in the country; development partners are appreciating government’s desire to adopt speedy reforms. For the past two years Rwanda has been rated poorly in the highly influential World Bank sponsored Doing Business Index annual report. IFC has been very active in Rwanda and have invested a $ 2.5m in Hotel Des Mille Colline and have funded the expansion of Serena Hotel Kigali to the tune of $ 6m They also have $7.5m worth of investments in Rwanda’s infrastructure sector.Ends

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Rwanda to benefit from increased funding by the World Bank’s IFC