By: Dr David Himbara
Between June 2017 and July 2018, Rwanda accumulated US$1.2 billion in debt. In my previous post, I indicated that Rwanda’s debt as of June 2017 was US$3.2 billion. In the past 13 months, Rwanda’s debt has climbed to US$4.4 billion. Rwanda’s debt is now 49 percent of the GDP. ebt has climbed to US$4.4 billion. Rwanda’s debt is now 49 percent of the GDP. Rwanda’s debt of US$4.4 billion is much larger than the state finances for 2018/2019 which stand at US$2.7 billion (RWF2,443,535,804,386).
Below is the list of loans, the amounts and the lenders. The list is not exhaustive — and does not include loans containing grants.
1. June 2017 — US$88 million (Euro 76 million) from the World Bank for Lake Victoria Transport Program.
2. November 2017 — US121 million from African Development Bank for water supply and sanitation program.
3. November 2017 — US$50 million from the African Development Bank on behalf of the Africa Growing Together Fund for the sustainable water supply and sanitation.
4. November 2017 — US$60 million from the African Development Fund for the skills and business development.
5. December 2017 — US$125 million (SDR 88,500,000) for the energy sector development.
6. December 2017 — US$80 million (SDR 56,700,000) from the World Bank for social protection project.
7. December 2017 — US$52 million (EUR. 45,000,000) for Kigali central sewerage project.
8. March 2018 — US$20 million from the OPEC Fund for International. Development for water supply and sanitation.
9. March 2018 — US$24 million (SDR 17,600,000) from the World Bank for stunting prevention.
10. March 2018 — US$72 million (¥7,670,000,000) from Japan for Ngoma-Ramiro Road project.
11. March 2018 — US$30 million from African Development Bank for Rwanda Innovation Fund.
12. April 2018 — US$23 million from the World Bank for strengthening social protection.
13. May 2018 — US$66 million loan from India for Base-Butaro-Kidaho road.
14. May 2018 — US$97 million (SDR69 million) loan from the World Bank for agriculture.
15. July 2018 — US$50 million from China for Bugesera international airport road.
16. July 2018 — US$78 million from China for Huye-Kibeho-Munini road.
17. July 2018 — US$100 million from India for irrigation projects.
18. July 2018 — US$100 million from India for developing special economic zones.
How will this addiction to debt end? Your guess is as good as mine.