World Bank report names key drivers for Rwanda to realize major growth strategy

Source: Xinhua| 2018-11-10 23:50:38|Editor: yan
Video PlayerClose

KIGALI, Nov. 10 (Xinhua) -- Innovation, integration, agglomeration and competition are four areas key to achieve Rwanda's Vision 2050 development strategy, said a World Bank report released here on Saturday.

The above identified growth drivers need to be harnessed if Rwanda is to achieve Vision 2050, said the report, titled Future Drivers of Growth.

According to the report, for Rwanda to accelerate social and economic transformation and boost future drivers growth, reforms are needed in six key areas, including human capital development; export dynamism and regional integration; well-managed urbanization; competitive domestic enterprises; agricultural modernization; capable and accountable public institutions.

The report also argues that the hard work will begin in Rwanda's classrooms, and the country needs a massive effort to build human capital - its own education-focused "Marshall Plan" that reconstruct and recover certain areas of economic and social transformation starting from grassroots - to realize its growth targets.

The report will provide the basis for the World Bank Group to strengthen its partnership with Rwanda, which aims to match its bold ambitions with smart reforms that will further unleash its potential, said Kristalina Georgieva, Chief Executive Officer of World Bank Group, at the launch of the report.

Under the current initial plan of Vision 2050, Rwanda is projected to be an upper-middle income country by 2035 and high-income status by 2050, said Uzziel Ndagijimana, Rwandan Minister of Finance and Economic Planning, at the launch.

Building on Rwanda's impressive economic success with annual growth of 7.5 percent on average over a decade, Rwanda's Vision 2050 captures the country's high aspirations for future security, prosperity and modernity, said Ndagijimana.

The World Bank Group at the launch also announced 150 million U.S. dollars investment in primary education in the central Africa country.