WASHINGTON, November 3, 2010 – Two World Bank Group Vice Presidents arrived in Kigali today to help catalyze support for increased investments in Rwanda’s private sector.
World Bank Regional Vice President for Africa, Obiageli Ezekwesili and the Executive Vice President for the Multilateral Investment Guarantee (MIGA) Izumi Kobayashi will represent the World Bank Group at the Investors’ Forum taking place on November 3. The two will also attend the 9th Government of Rwanda and Development Partners Meeting (DPM) taking place from November 4-5.
The Investors’ Forum will showcase trade and investment opportunities open to domestic and foreign investors in the horticulture and tea sectors in Rwanda, while the DPM will review progress made in economic development and agree actions to address bottlenecks and key constraints to aid effectiveness. It will also develop a strategy to further enhance synergies between aid and private investment for the attainment of the Millennium Development Goals.
The World Bank Group’s current investments in Rwanda total US$304.68 million.
The International Development Association (IDA), the arm of the Bank which provides zero-interest credits and grants to low-income countries, has committed US$267.28 million in 11 projects covering different sectors including energy, agriculture and private sector development. In addition, IDA disburses general budget support of about US$80 million annually.
The International Finance Corporation (IFC), the private sector arm of the Bank, has commitments of US$20.37 million in five operations including in agribusiness, tourism and transport/logistics. Through its Investment Climate Reform Project, IFC also supports Rwanda in improving its regulatory environment, building institutions, and attracting private sector participation.
MIGA has provided guarantees to three projects in the financial sector amounting to US$17.3 million.