The Government of Rwanda and India Export-Import (Exim) Bank, yesterday, signed a financing agreement, worth $81 million (about Rwf68 billion), to support the establishment of an integrated Technical and Vocational Educational and Training (TVET) system.
The fund will go toward the construction of modern training and production workshops, including equipment for 10 new vocational training centres and four business incubation centres, according to a statement.
The agreement, signed on the sidelines on the ongoing Africa Development Bank Annual Meetings in India, will help accelerate ongoing government efforts to improve quality of technical education and enhancing existing capabilities of institutions to become dynamic, demand-driven, quality conscious, efficient, forward looking and responsive to rapid economic and technological developments.
The Minister for Finance and Economic Planning, Claver Gatete, said technical skills have a crucial role in attaining increased productivity, reducing unemployment, poverty and enhancing socio-economic development in Rwanda.
“Rwanda’s industrial base is growing but it does not match skills available in the country. It is important that we address the skills gap to ensure that the economy continues to grow and remain competitive,” Minister Gatete said.
A recent skills audit indicates that there are significant technical and vocational skills gaps in the labour market. Filling these skill gaps in the economy will be crucial to the realisation of Vision 2020 and the second Economic Development and Poverty Reduction Strategy.