The World Bank portfolio in Rwanda is among the best portfolios in the entire Africa region, in terms of producing results, achieving projects on the ground on time, and showing overall outcomes. Yasser El-Gammal, Country Manager for Rwanda of the World Bank Group, explains the achievements and goals of their operations in the country, as well as the portfolio of approximately one billion dollars, channelled in agriculture, energy, social protection, urban development and transport.
European Times: Rwanda wants to transform into a middle-income, knowledge-based and service-oriented economy by 2020. How are you helping the country to achieve this?
Yasser El-Gammal: The current strategy of the World Bank for Rwanda runs from 2014 to 2018 and consists of three main pillars: enhancing growth, enhancing the productivity and the income levels of the poor and improving the governance and administrative systems of the country. On top of our billion dollar portfolio, we also help Rwanda mobilize millions of grant resources from different bilateral development partners. Additionally, we provide significant technical assistance to improve the investment climate and energy supply. The International Finance Corporation, member of the World Bank Group, is very active in the development of the capital market in Rwanda, as well as in bringing new investors to the country.
European Times: Which challenges need to be faced by the Government in order to achieve their ambitious set of development goals?
Yasser El-Gammal: The main challenge is to sustain the momentum of the growth rate and take it to a higher level. To achieve this, an even more vibrant private sector is necessary, since growth occurs primarily through the private sector. It will be enhanced by unlocking the issues that relate to the economy, such as infrastructure and energy availability. A considerably larger portion of agricultural production will be harvested when farmers have better storage facilities, transport and roads. Rwanda has a very ambitious rural roads strategy, in which we are financially engaged along with other development partners. They are tackling this in a very comprehensive manner, so that these few bottlenecks are unlocked.
European Times: Why should investors come to Rwanda and join in the Government’s plan of creating 200 000 jobs annually to meet the requirements of its growing population?
Yasser El-Gammal: In the annual World Bank Doing Business Report, Rwanda has been recognized as one of the top performers, it is the second easiest country in Sub-Saharan Africa to do business. It achieved impressive and well balanced progress in a short period of time. People here have excellent working culture and the Government has necessary policies and procedures for a superb business climate. Rwanda has a growing young population and is extremely safe, thus providing an outstanding climate for investors.
