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- OPEC Fund provides US$18 million to “Nyacyonga–Mukoto Road Project” in Rwanda
OPEC Fund provides US$18 million to “Nyacyonga–Mukoto Road Project” in Rwanda
May 17, 2022: The OPEC Fund for International Development (the OPEC Fund) is providing a US$18 million loan to the government of Rwanda to support the “Nyacyonga–Mukoto Road Project”, helping to improve living standards and economic livelihoods in the country. The project has a total cost of US$41 million and will be co-financed by the Arab Bank for Economic Development in Africa (BADEA) and the government of Rwanda.
Uzziel Ndagijimana, Minister of Finance of Rwanda, and OPEC Fund Director-General Abdulhamid Alkhalifa signed the agreement at a meeting during the Sustainable Energy for All Forum, a global gathering focused on energy taking place in Kigali. OPEC Fund Director-General Abdulhamid Alkhalifa said: “We are proud to have partnered with Rwanda for decades, promoting socio-economic development and support key sectors as infrastructure, agriculture and the financial sector. Our new loan will further contribute to Rwanda’s sustainable development agenda and its efforts to achieve its ambitious 2050 Vision, which sets a strategic direction to lead the country to the living standards of high income countries by 2050.”
The Nyacyonga–Mukoto route, currently a 36km gravel road, connects two major national paved roads from the northern part of the capital Kigali to the northern provinces. Upgrading the road will increase connectivity, promote economic livelihoods particularly agriculture, agro-industries, mining and tourism sectors.
Rwanda is a land-locked and densely populated country in East Africa. Regional integration and international trade are key to support economic activity and sustainable economic growth. To date, the OPEC Fund has provided around US$ 285 million in financing for over 30 projects supporting key sectors in Rwanda.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund was rated AA+/Outlook Stable by Fitch and AA/Outlook Positive by S&P in 2021. Our vision is a world where sustainable development is a reality for all.