Rwanda’s Finance Ministry announced on Friday that South Korea has awarded Rwanda $1 billion in concessionary loans to support projects in various sectors including transport, healthcare, and education.
This new agreement, covering the period from 2024 to 2028, doubles the previous four-year $500 million deal set to conclude at the end of 2026, the ministry stated.
In May, Rwanda’s government indicated that 1.32 trillion Rwandan francs ($1.02 billion) in the 2024/25 budget would come from external loans.
Rwandan President Paul Kagame, along with other African leaders, attended a summit in South Korea in early June, where they met with South Korean President Yoon Suk Yeol.