International

China reliefs Rwanda of $7.1 million debt

As part of the Kigali urban road upgrade project, China has offered to pay Rwanda’s debt of $7.1 million in full or to lend the country 50 million RMB Yuan in exchange for building the 6.36-kilometer Masaka-Kabuga route.

According to a statement from Rwanda, the $7.1 million debt reduction is a component of China’s promise to pay off its debt in underdeveloped African countries. According to the statement, China has decided to cancel the outstanding interest-free loan in accordance with the two nations’ agreement on economic and technical cooperation.

After signing the debt cancellation deal on Monday, Rwanda’s Minister of Finance and Economic Planning, Uzziel Ndagijimana, stated that “the two nations have a good bilateral collaboration. This is demonstrated by the Republic of China’s considerable contribution to Rwanda’s development goals. The contract we signed today solidifies our bond.

Wang Xuekun, the ambassador of Rwanda, represented China at the signing of the debt relief agreement.

China aspires to help Rwanda transform and recover from the negative effects of the Covid-19 outbreak by providing this financial support. In the future, China will collaborate with Rwanda for more intensive practical cooperation in a variety of fields within the framework of the Belt and Road Initiative to provide greater advantages to the two peoples, Wang said in a statement.

After the signing, the Rwandan Minister continued by saying that his country has benefited greatly from its partnership with China.

Infrastructure, energy, education, and health are a few of the economic sectors of Rwanda that have developed significantly as a result of its business relationships with China.

“The two nations have a strong bilateral relationship. This is demonstrated by the Republic of China’s considerable contribution to Rwanda’s development goals. The contract we signed today solidifies our relationship, according to Ndagijimana.

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