China has offered Rwanda a $7.1 million debt relief or 50 million RMB Yuan on a loan used to build the 6.36-kilometre Masaka-Kabuga road under the Kigali urban road upgrading project.
According to a statement issued by Rwanda’s Minister for Finance and Economic Planning, Uzziel Ndagijimana, the move is part of the Chinese government’s decision to cancel the outstanding interest-free loan in accordance with the agreement on economic and technical cooperation between the two countries.
“The agreement we signed today cements this relationship. The two countries enjoy a healthy bilateral cooperation. This is evidenced by the substantial contribution of the Republic of China towards Rwanda’s development aspirations.
In the words of the Chinese ambassador to Rwanda, Wang Xuekun, the debt cancellation is part of the economic package announced by President Xi Jinping at the 8th Ministerial Conference of the Forum on China-Africa Cooperation.
“China hopes, by offering this financial support, to make a contribution to Rwanda’s all-round transformation and recovery from the malign impact of the Covid-19 pandemic.
“In the future, China will work with Rwanda for deeper practical cooperation in various fields under the Belt and Road Initiative framework to deliver more benefits to the two peoples,” he said.
