China has canceled Rwanda’s $7.1 million debt that the latter used to build the 6.36-kilometre Masaka-Kabuga road under the Kigali urban road upgrading project.
According to a statement issued by Rwanda, the move is part of the Chinese government’s decision to cancel the outstanding interest-free loan in accordance with the agreement on economic and technical cooperation between the two countries.
The Chinese government says the debt cancellation is part of the economic package announced by President Xi Jinping at the 8th Ministerial Conference of the Forum on China-Africa Cooperation.
“China hopes, by offering this financial support, to make a contribution to Rwanda’s all-round transformation and recovery from the malign impact of the COVID-19 pandemic. In the future, the country will work with Rwanda for deeper practical cooperation in various fields under the Belt and Road Initiative framework to deliver more benefits to the two peoples,” China’s ambassador to Rwanda Wang Xuekun said in a statement.
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