Rwanda: $150 million for private industry support

Businesses will receive $150 million. This is how much Rwanda will pay the private sector to help the economy grow and lessen the effects of Covid.

President of Rwanda – Paul Kagame 

These funds, which were drawn from an economic recovery fund of $250 million that was established in June 2021, are more specifically meant for the industrial sector, and they should make it easier to promote local production. Manufacturing is a vital sector for the economy, attracting a large number of investors.

In the initial stage of the relief effort, priority was given to the industries that were hit the worst by the epidemic, such as the hotel sector.

And despite the fact that prices are going up, Rwanda has not hesitated to take action in order to prop up the economy.

Since the beginning of the previous year, the government has been subsidising fuel and transportation, which has resulted in lower rates for public transportation.

Many economies in Africa, like Rwanda’s, are still working to recover from the severe economic impact that the COVID-19 had on them. However, the conflict in Ukraine has aggravated the global economic crisis. Commodity prices have soared everywhere.