Saudi Fund For Development Loans Rwanda US$20 Million For Grid Improvements
Power lines and distribution transformers will be installed in Kamonyi District.
The Saudi Fund For Development (SFD) has agreed a US$20 million concessional development loan to finance power grid improvements in Rwanda.
The project involves the installation of a network of medium and low-voltage power lines and distribution transformers to provide electricity to households, public institutions and social facilities in the Kamonyi District.
The investment forms a part of a wider Energy Access and Quality Improvement Programme which is intended to improve access to reliable and cost-effective electricity services for some of the most underserved areas in the country.
The project will benefit about 60,000 people and enhance economic, agricultural and industrial activities, creating direct and indirect employment opportunities and improving livelihoods.
SFD CEO Sultan bin Abdulrahman Al-Marshad signed the agreement in Kigali with Rwanda's Minister of Finance and Economic Planning Dr Uzziel Ndagijimana.
#Rwanda | #SFD CEO, Mr. Sultan Al-Marshad, signed today in #Kigali a $20 million soft development loan agreement with Rwanda's Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana, to finance the Electricity Delivery project in the Kamonyi District. This agreement… pic.twitter.com/IDPNfIedLy— الصندوق السعودي للتنمية (@SaudiFund_Dev) July 11, 2023
The minister commented, “At the completion of this project, electricity access in Kamonyi District will increase by 6.8%, thus contributing to increased economic and social development within the framework of our National Strategy for Transformation by connecting electricity to more households. It is another step towards our ultimate goal of ensuring all Rwandan citizens have access to electricity by 2024.”
Electricity access in the Kamonyi District currently stands at 58.9%.
Photo: The signing ceremony (Supplied by SFD)