China has cancelled the $7.1 million debt that Rwanda used to build the 6.36-kilometre Masaka-Kabuga road as part of the Kigali urban road upgrading project. This is a significant act of financial support from China that will help Rwanda in its development efforts. The Masaka-Kabuga road is a key link in the Kigali urban road network, and its upgrading will have a positive impact on the city’s economy and transportation.
Rwanda and China have reached an agreement on debt relief, with China cancelling $7.1 million of Rwanda’s debt. This will help Rwanda to continue to upgrade its infrastructure and provide better services to its people. This agreement is a part of China’s initiative to help developing countries with their economic development. China has cancelled or forgiven debts for many other developing countries in the past, and this new agreement with Rwanda is part of that continued effort.
The Chinese government has decided to cancel the outstanding interest-free loan owed by Rwanda, according to a statement issued by the Rwandan government. This move is part of the agreement on economic and technical cooperation between the two countries.
This is good news for Rwanda, as it will no longer have to pay back this loan. This will free up more money for the country to invest in other areas, such as education, health care, and infrastructure. It also strengthens the relationship between Rwanda and China.
Rwanda’s Minister for Finance and Economic Planning Uzziel Ndagijimana said on Monday after signing the debt cancellation agreement that 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.
The agreement we signed, cements this relationship,” Rwanda’s Minister for Finance and Economic Planning Uzziel Ndagijimana said. Xuekun Wang, China’s ambassador to Rwanda, also noted the friendly cooperation between the two countries, saying that the agreement will contribute to the development of Rwanda.
Since the establishment of diplomatic relations between China and Rwanda in 1983, the two countries have enjoyed friendly relations and strong economic cooperation. Rwanda has benefited greatly from China’s support in various sectors including infrastructure, energy, education and health.
Dr Ndagijimana, the Rwandan Minister of Foreign Affairs and Cooperation, acknowledged this strong economic cooperation during a meeting with the Chinese Ambassador to Rwanda, Liu Guangyun. During the meeting, the two discussed the progress of the Belt and Road Initiative in Rwanda and how it is benefiting the country.
China has been a key partner in Rwanda’s development, and with the Belt and Road Initiative, this cooperation is set to continue and deepen, bringing even more benefits to the people of Rwanda.
At the 8th Ministerial Conference of the Forum on China-Africa Cooperation, Chinese President Xi Jinping announced a number of economic initiatives aimed at boosting the African continent. One such initiative is the cancellation of debts owed by African nations to China.
China says that this debt cancellation is part of the overall economic package that President Xi Jinping unveiled at the conference. This package is designed to help African countries improve their infrastructure and promote economic growth. By cancelling the debts owed by African nations, China hopes to provide a boost to the continent’s development efforts.
The economic and trade cooperation between China and Rwanda has always enjoyed a good momentum, and the two countries have established a firm cooperative partnership. In recent years, the two sides have actively promoted the construction of the Belt and Road, and the practical cooperation in various fields has been continuously deepened, which has not only brought tangible benefits to the two countries and their peoples, but also promoted the economic and social development of the whole region.
The outbreak of the Covid-19 pandemic this year has had a significant impact on the world economy, and Rwanda is no exception. In order to help Rwanda tide over the difficulties and ensure the smooth progress of its national development, China has decided to provide financial support to Rwanda.