August 20, 2020: The Ministry of Finance and Economic Planning and the Korea International Cooperation Agency (KOICA) on behalf of the Republic Rwanda and the Republic of South Korea respectively on Tuesday signed a financing agreement worth US$ 9 million (Approximately Frw 8.7 billion).
The objective of the financing agreement is to strengthen the Technical and Vocational Education and Training (TVET) systems and structures in Rwanda and develop competent TVET graduates who can meet labor market demands.
Dr. Uzziel Ndagijimana, the Minister of finance and Economic Planning and Mr. LEE Byunghwa , the Country Director of KOICA in Rwanda signed on behalf of their respective institutions.
Minister Ndagijimana said that technical skills have an important role in attaining increased output, reducing unemployment and poverty, as well as enhancing social development in Rwanda.
“Rwanda’s industrial base is growing but it does not match skills available in the country. It is important that we address the skills gap to ensure that the economy continues to grow and remain competitive and this support will contribute immensely to this goal,” Minister Ndagijimana said.
Deputy Director Myung Keun Choi said that the project builds upon the experience in the TVET sector and success of TVET Technical Assistance Pooled Fund that ended last year.
“This support will create a comprehensive and broad system that will guide the TVET training in Rwanda to ensure the effectiveness of our intervention while sustaining the results in the long term. We have no doubt that the new project will contribute to further strengthening of the TVET sector in Rwanda,” Mr. Myung Keun Choi noted
KOICA’s Rwanda program has since 2006 shifted from volunteer dispatch to strengthening cooperation through project and program based with priority partner states. KOICA currently has 10 on-going projects in Rwanda worth roughly US$ 32 million. Under the division of labor KOICA is active in education, agriculture, ICT and silent in urban and rural settlement.