Rwanda secures $1 billion funding deal with South Korea

Rwanda secures $1 billion funding deal with South Korea

Rwanda's Finance Ministry said on Friday that South Korea has awarded it $1 billion in concessionary loans to fund projects in several sectors including transport, healthcare, and education.

The agreement for 2024-2028 doubles and replaces a previous four-year $500 million deal that was expected to finish at the end of 2026, the finance ministry said in a statement.

Rwanda's government said in May that a total of 1.32 trillion Rwandan francs ($1.02 billion) in the 2024/25 budget would come from external loans.

Rwanda's President Paul Kagame was among African leaders who attended a summit in South Korea in early June, that included meeting the country's President Yoon Suk Yeol.

($1 = 1,299.7000 Rwandan francs)