World Bank funds Rwandan project

by Richard Kilner

Story link: World Bank funds Rwandan project

Yesterday the World Bank’s Competitiveness and Enterprise Development Project granted the Private Sector Federation Frw108.6m.

The CEDP operates on the World Bank’s behalf in eight countries, in an effort to promote an environment suitable for economic growth and the establishment of a private sector to help combat poverty.

The grant, worth $200,000, is being made to fund the operating costs a project the PSF is sponsoring in Rwanda.

The Business Plan Competition seeks to foster entrepreneurship in Rwanda by encouraging young graduates to start up their own enterprises, with the aim of turning them into entrepreneurs.

Antoine Munyakazi, the development manager, has expressed his opinion that the funding comes at a good time.

Munyakazi explained that from 800 graduates, only one-eighth could expect employment from the private or public sector, but that through the BPC scheme almost four-fifths of project were submitted by the young.