KIGALI, Rwanda

The African nation of Rwanda and South Korea on Friday signed a $1 billion framework arrangement aimed at providing concessional funding for a range of projects in Rwanda including health care and education.

The new financing deal replaces the previous one signed in 2022, which had an allocation of $500 million for the period 2022-2026, Rwanda’s Finance Ministry said in a statement.

Covering the years 2024 to 2028, the five-year agreement will be aligned with Rwanda’s five-year development program dubbed the National Strategy for Transformation.

It is set to support projects in key sectors of the Rwandan economy, including transportation, health care, and education, according to the ministry.

Yusuf Murangwa, Rwanda’s finance minister, said Rwanda-Korea cooperation is aligned to the country’s national strategy for transformation, playing a pivotal role in enhancing the nation’s human capital for the 21st century, transforming the agricultural sector and establishing a foundation for Information Communications Technology (ICT)-led governance.

“The framework signed is a significant milestone in our bilateral cooperation and provides assurances to achieve even more results in areas of our engagement,” he said.

Jeong Woo Jin, the Korean ambassador to Rwanda said he trusts the deal will serve as a robust foundation to elevate relations between the two countries.

“I believe there is more room to cooperate in bilateral relations, especially based on the continuous cooperation in agriculture, ICT, education, health and infrastructure.”

Key areas of collaboration between the two nations include education and capacity building, rural development, healthcare, energy, agriculture, and information and communications technology.