The Ministry of Foreign Affairs and International Cooperation (MINAFFET) and Singapore Cooperation Enterprise (SCE) on September 30 signed a Memorandum of Understanding (MoU) to renew and further strengthen bilateral cooperation and mutual socio-economic development.

The five-year MoU was signed on behalf of the Rwandan Ministry of Foreign Affairs by Jean de Dieu Uwihanganye, Rwanda’s High Commissioner to Singapore, and Wy Mun Kong, CEO of Singapore Cooperation Enterprise, according to a press statement from MINAFFET.

It will see the two countries collaborate in critical areas such as ICT and cybersecurity, sustainability and climate change, carbon trading, urban master planning of Rwandan cities, special economic zones, technical advisory in infrastructure and transport development, and capacity building and human capital development.

Regarding carbon trading – which is relatively a new aspect – Rwanda is set to unveil its carbon market scheme at the 28th UN Climate Summit due to be held from November 30 to December 12, at Expo City Dubai, as the country seeks to tap into the economic potential presented by the carbon market.

Carbon markets are trading systems in which carbon credits are sold and bought. Companies or individuals can use carbon markets to compensate for their greenhouse gas emissions by purchasing carbon credits from entities that remove or reduce greenhouse gas emissions, according to the United Nations Development Programme (UNDP).

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Other areas of the aforementioned MoU are technical and vocational education training, the development of small and medium enterprises, special economic zones, and public governance solutions.

MINAFFET indicated that the previous MoU, which expired in October 2020, played a crucial role in Rwanda’s institutional strengthening and increasing efficiency in areas such as, but not limited to, institutional capacity-building, digitisation of services, and public health protection.

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Speaking at the MoU signing, the CEO of Singapore Cooperation Enterprise said, "SCE is glad to renew our ties with Rwanda through this latest MoU, which covers even more areas of collaboration, such as climate change and carbon trading. We are privileged to continue our partnership with Rwanda as [it] continues to move ahead.”