The UK is backing Rwanda’s agricultural sector by agreeing to disburse £5 million ($6.2 million; €5.9 million) through its Department for International Development (DFID), bringing the total DFID investment into Rwandan agriculture to £39 million.
The funds will be disbursed through the World Bank’s Program for Results (P4R), which supports phase three of Rwanda’s Strategic Plan for the Transformation of Agriculture (PSTA III). The key objectives of phase three include research, technology transfer, value chain and private sector development.
“The funds will finance additional agricultural results that extend the reach of PSTA III, provide institutional capacity and technical assistance in key areas as well as cater for funding shortfall in financing the existing program,” Rwanda’s ministry of finance and economic planning said in a statement announcing the agreement.
“By transforming our agriculture sector, we are creating an important source of wealth and a pathway out of poverty through the creation of more jobs and incomes for many Rwandans who rely on the sector for their livelihoods,” minister of finance and economic planning Claver Gatete added.
The Rwanda plan is one of 52 the World Bank’s P4R program has approved since its launch in 2012. As of October 31, the 52 approved P4R operations total $12.9 billion of World Bank financing, supporting $60.1 billion of government programs, according to the World Bank’s website.