AfDB commits US$37m to poverty eradication

Government and the African Development Bank (AfDB), on Monday, signed a grant worth US$37.6 million to finance poverty reduction projects in the country. The grant, signed at the AfDB headquarters in Tunisia, will be sunk into the country’s Poverty Reduction Support Programme (PRSSP) for the financial year 2011/12.
Top executives at AfDB sign the grant agreement to Rwanda (Courtesy Photo)
Top executives at AfDB sign the grant agreement to Rwanda (Courtesy Photo)

Government and the African Development Bank (AfDB), on Monday, signed a grant worth US$37.6 million to finance poverty reduction projects in the country.

The grant, signed at the AfDB headquarters in Tunisia, will be sunk into the country’s Poverty Reduction Support Programme (PRSSP) for the financial year 2011/12.

“This comes to support our strategies geared towards reducing poverty, and the overall aspiration of attaining the MDGs,” Ronald Nkusi, the Director, External Finance Unit at the Ministry of Finance, told The New Times.

The grant will be channeled directly through Budget Support, a preferred modality by the government.

“Rwanda has been enjoying a cordial relationship with the African Development Bank and it has provided resources using country systems,” he said.

According to Nkusi, government officials are scheduled to meet with the AfDB team today for a Country Portfolio Performance Review.

The Bank Group’s current portfolio comprises 13 active operations for a total commitment value of US$293, half of which has been disbursed.

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