What will it take to end extreme poverty and promote shared prosperity by 2030? And how can the World Bank Group – the IFC, MIGA, and the International Development Association – help in that challenge over the next five years? These questions shape the World Bank Group Country Partnership Strategy for Rwanda which draws heavily on close consultations with the Government of Rwanda, the private sector, civil society organizations, and international development partners and articulates how financing and knowledge will be mobilized so that Rwanda can realize its potential to lift millions of families out of poverty and become a truly modern economy.
Rwanda has made extraordinary progress in recent years. It is one of the few countries anywhere in the world that has managed a “triple crown” of fast economic growth, robust reductions in poverty, and a narrowing of inequality. The poverty rate fell from 59 percent to 45 percent in the last decade and Rwanda is now ranked as the second easiest place to do business in all of Africa. This progress, so notable in this year marking the twentieth anniversary of the Genocide against Tutsi, illustrates the possibilities and opportunities for any country seeking a new path of peace and prosperity. Moving forward, Rwanda must consolidate peace and development so that ordinary citizens like Judith can look forward to a chance to realize their dreams and their children’s dreams in the next twenty years.
“Rwanda can focus on second-generation economic reforms of export diversification, structural transformation, regional integration and financial sector deepening to accelerate economic growth and boost incomes of the poorest so that Rwandans can advance in their journey to prosperity.” says Diariétou Gaye, World Bank Country Director for Rwanda.
IFC will provide investments and advisory services to help expand access to finance and support critical sectors of the economy, including agribusiness and infrastructure. “To unlock rapid and uninterrupted growth that is sustainable and inclusive, Rwanda needs to transform the drivers of growth from the public to the private sector by removing key constraints,” said Oumar Seydi, IFC’s Director for Eastern and Southern Africa. “These constraints include a small financial sector, weak infrastructure (particularly electricity), and low human capital and qualified workers. Under the strategy we aim to expand our support in responding to these challenges.”