Rwanda urges donors to move beyond traditional financing

Source: Xinhua| 2018-02-16 06:56:34|Editor: yan
Video PlayerClose

KIGALI, Feb.15 (Xinhua) -- Rwanda's Finance Minister Claver Gatete Thursday urged Rwanda's development partners to move beyond traditional financing.

Speaking at a meeting with development partners in the western district of Rubavu, Gatete stressed the important role the private sector is envisaged to play as the engine of Rwanda's economic growth and urged development partners to move beyond traditional financing and consider new and innovative ways to finance the private sector.

Rwanda's development partners need to "find ways to mobilize financing in different forms" and "evolve from the changing financing landscape" as what Rwanda wants is "unconventional and ambitious," which is "very well deserved and justified," said World Bank's country manager to Rwanda Yasser El-Gammal at the annual meeting of Rwandan government officials and development partners.

Fode Nidaye, UN Resident Coordinator, said Rwanda will require more private sector engagement and investment, more human capital development, and more innovative finance to successfully implement its national strategy for transformation.

He said to increase private sector involvement, Rwanda needs to mobilize more domestic resources, given its vision of moving towards upper middle and high-income country status and its policy of more self-reliance.

The central African country, which has risen from a genocide that killed about one million people in 1994, seeks to transform the country from a low-income, agriculture-based economy to a knowledge-based, service-oriented economy with middle-income country status by 2020.