The Government of Rwanda and Saudi Fund for Development (SFD), Monday, signed a $15 million concessional loan to fund the construction of Nyagatare-Rukomo road.
Rwanda’s Minister for Finance and Economic Planning, Claver Gatete, said that the 30 year concessional loan will support the construction of a 7-metre wide, 73 kilometre two-lane tarmac road between Nyagatare and Rukomo, .
He added that the loan comes with a grace period of 10 years and is geared towards reducing the cost of transport, while speeding up economic development in the eastern province.
It is also expected to boost cross border trade between Rwanda and its neighboring countries including DRC and Uganda
This is the second time in less than a month that government is securing funds for this particular project.
Recently, both the government and Kuwait Fund for Arab Economic Development (KFAED) signed a $15 million to support the construction of the same road.
Overall, Nyagatare-Rukomo road project is part of the wider 124.8 km Base-Nyagatare road project which is expected to cost $88.5 million.
Source: New Times