China legalization

China Gives $15.7 Million to Rwanda to Boost Economic Development, Trade

Posted in China legalization

China Gives $15.7 Million to Rwanda to Boost Economic Development, Trade

By Heather Murdock – Aug 18, 2011 5:01 AM PT

China’s government will give Rwanda 100 million yuan ($15.7 million) in grants and loans to encourage economic development and trade with China, Vice Commerce Minister Gao Hucheng said.

The East African country will receive half the amount as a grant and the remaining 50 million yuan as a five-year, interest-free loan, Gao told officials and reporters today in Kigali, Rwanda’s capital. Trade between the two countries doubled to $76.4 million in the first half from a year earlier, he said.

“The economic cooperation between Rwanda and China has been growing rapidly,” Gao said.

Chinese investment in Africa may grow 70 percent to $570 billion by 2015 from 2009 as the country seeks to acquire resources on the continent, according to Standard Bank Group Ltd., the continent’s biggest lender. Bilateral trade will reach $300 billion by 2015, double the level in 2010, it said in February.

China also plans to build a government administrative building, a 25-kilometer (16-mile) road in Kigali and provide medical devices and pharmaceuticals to Rwanda, as well as providing support for exports to China, Gao said.

“On top of the 60 percent tariff-free treatment China already has granted to Rwandan exports to China, we will continue to help you to publicize and promote your products to the Chinese market,” he said.

Rwanda doubled the size of its economy in the nine years to 2010 as it recovers from a 1994 genocide in which 800,000 mainly ethnic Tutsis died.