Home ECONOMY Rwanda Gets $11.4 Million Grant from EU for Private Sector Development

Rwanda Gets $11.4 Million Grant from EU for Private Sector Development

by biasharadigest

Rwanda is set to receive an $11.4 million grant from the European Union (EU) for the country’s private sector development and creation of jobs. The grant is part of the $522.6 million package of support to the country until the end of 2020.

“The program will address Rwanda’s needs to create employment opportunities for its youth. Activities will focus on two sub-sectors, namely the digital economy and tourism hospitality, which have the potential for rapid, sustainable private sector growth and job creation,” CGTN quotes a statement from the Ministry of Finance and Economic Development in Rwanda.

According to the Ministry, the program contributes to the government target of creating 1.5 million decent jobs by 2024.

Rwanda is the only sub-Saharan Africa country that has received approval for travel to the European Union. Other African countries include Algeria, Morocco, and also Tunisia. 

The country’s economic growth slowed to 3.6% year-on-year in the first quarter of 2020, compared to 6.1% in the same period in 2019, and 8.4% in the last quarter of 2019. That was the slowest pace of growth since the second quarter of 2017, occasioned by the effects of the global coronavirus pandemic.

See Also:

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