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The African Development Fund (ADF), the concessional window of the African Development Bank, announced on Wednesday that it would provide Rwanda with US $224 million in debt relief.
"Rwanda will be released from up to 80 percent of annual debt service to the Bank Group until the entire amount is delivered in July 2032," the bank said in a statement from its Tunis headquarters.
It said the boards of directors decided that Rwanda had satisfactorily implemented reforms agreed to under the enhanced framework of the Heavily Indebted Poor Countries Initiative. The conditions included implementing its poverty reduction strategy; maintaining macroeconomic stability; implementing structural reforms in the tea sector and improving social indicators related to education, gender equality and health.
"Rwanda has achieved macroeconomic stability, to a large extent," the bank said.
It also said the country made "substantial progress" in agriculture, education, governance, health, and infrastructure development.
In April, the International Monetary Fund and the World Bank announced that Rwanda has taken the necessary steps to receive debt relief estimated at US $1.4 billion. On Wednesday, the Rwandan News Agency reported that the Netherlands had approved a €27-million grant to support the Rwanda's decentralisation programme.
This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions
