Rwandan Govt. Borrows USD100 Million Towards Rapid Digitization in the Country

Reportedly the Rwandan Ministry of Finance and Economic Planning has announced that they are going to borrow more than USD 100 million from the Asian Infrastructure Development Bank in an effort to fund its broadband services and to enable the digitization of its public services. The New Times reported that the agreement for RWF 100 Billion was signed on 23rd December towards the Rwandan Digital Acceleration project.

The New Times’ report further stated that the project is aimed towards enabling the recovery of the country’s recovery post the COVID-19 pandemic and to help enhance the broadband services.

“The financing agreement is a timely commitment that will allow it to develop the broadband market and enhance Rwanda’s digital innovation ecosystem.”

Paula Musoni, Minister of ICT and Innovation

The project aims to expand the government’s capacity to enable the use of big data with at least 30 new digital services. The large investment from the Asia Infrastructure Development Bank aims to facilitate the same.

It was further reported that the project also aims to support more than 300 digital start-ups with a major focus on women-owned businesses and to help the country progress towards an e-service based economy.

“This marks the first digital acceleration investment the bank is making in sub-Saharan Africa. It is also the second project it is funding in the region, both of them in Rwanda.”

Najeeb Haider, Director-General, Banking Department, AIIB