The government of Rwanda has requested an additional $80 million loan from the World Bank Group to supplement an ongoing agricultural sector project, according to a statement released by the German Trade and Investment Agency (gtai) on Wednesday.
The funds, sought from the International Bank for Reconstruction and Development (IBRD), a component of the World Bank Group, will bolster efforts within Rwanda’s agricultural and forestry sectors. The Development Bank of Rwanda and the Rwanda Agriculture and Animal Resources Development Board are listed as the implementing agencies for the project.
This request for additional financing follows a similar move announced earlier this month, where Rwanda also sought an $80 million loan from the World Bank Group for a social sector project, as reported by gtai. That funding was intended to support initiatives managed by the Local Administrative Entities Development Agency (LODA) and the Ministry of Local Government (MINALOC), focusing on social development, poverty reduction, and employment promotion.
The World Bank Group, headquartered in Washington, D.C., is a multinational development bank comprised of five organizations: the IBRD, the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). Established in 1945, the group’s original mandate was to finance the reconstruction of nations devastated by World War II, but has since evolved to address global poverty and promote sustainable development.
The latest request for agricultural funding comes amidst scrutiny of the World Bank’s practices. A recent report by the West German Broadcasting Corporation (WDR) alleges systemic violations of the organization’s “do no harm” principle, suggesting that projects have caused unintended negative consequences for affected populations.
As of Wednesday afternoon, the World Bank Group had not issued a public statement regarding the Rwandan government’s request for the additional $80 million loan. A spokesperson for the Rwandan Ministry of Agriculture did not respond to requests for comment.
