Rwanda’s real GDP grew by 9.7% in the first quarter of 2024, exceeding the previous year’s growth rate of 8.2%. The latest edition of the Rwanda Economic Update (REU), launched today, highlights that despite the global economic slowdown, Rwanda has shown remarkable resilience, driven by strong consumer spending in key sectors such as services and industry.

Despite ongoing challenges, Rwanda’s labor market experienced a strong recovery, with over half a million new jobs created in the fourth quarter of 2023, marking the most significant reduction in unemployment since the COVID pandemic.

“The labor market expansion in Rwanda was broad-based, with women benefiting slightly more than men. To leverage its youth demographic, Rwanda needs to expand labor force participation, as only 2.8 million out of 8.1 million working age individuals are employed full time,” said Calvin Djiofack Zebaze, World Bank Senior Country Economist for Rwanda. “The World Bank supports Rwanda to leverage its predominantly young population through improved education, training, and dignified employment opportunities to drive future growth.”

According to the 23rd edition of the REU, titled Accelerating Skills Development to Foster Private Sector Growth in Rwanda, inflation, which peaked at over 21% in 2023, has since moderated due to tighter monetary policies and lower food prices, reflecting improved supplies of fresh produce. By August 2024, headline inflation had slowed to 5.0% year-on-year, bringing it within the National Bank of Rwanda’s target range.

The REU emphasizes that skills development is crucial for private sector growth, noting that an inadequately educated workforce is a major obstacle for growth of firms in Rwanda. The report stresses that significant efforts are required to improve job matching, increase public investment in education, particularly in Technical and Vocational Education and Training (TVET) and higher education, and ensure better alignment between education and the labor market. Sector audits in energy, agriculture, manufacturing, mining, urbanization, and Meetings, Incentives, Conferences, and Exhibitions (MICE) highlight the urgent need for skills enhancement.

“Skills development is critical to achieving Rwanda’s Vision 2050 goals. By building a comprehensive system focused on sector-specific skills, Rwanda can cultivate a workforce equipped to meet its growth and economic objectives,” said Sahr Kpundeh, World Bank Country Manager for Rwanda. “This report launch coincides with the recent approval of the $200 million Rwanda Priority Skills for Growth and Youth Empowerment Project which will address challenges identified in the report by increasing opportunities for 200,000 vulnerable youths to acquire market-demanded skills.”

The REU recommends strengthening institutional mechanisms for identifying skills gaps and market opportunities, while continually improving the quality of technical and vocational education. The report also calls for greater access to scholarships and financial aid, particularly for disadvantaged students, enhancing digital literacy, and reinforcing partnerships between academia and employers.

Distributed by APO Group on behalf of The World Bank Group.

The United States announced today nearly $14 million in additional humanitarian assistance for refugees and their host communities in Uganda. The funding builds on commitments to the populations in-country and brings total humanitarian funding in Uganda to date in Fiscal Year 2024 to more than $83 million. U.S. government humanitarian support in Uganda is provided through the United Nations High Commissioner for Refugees (UNHCR), the World Food Program (WFP), the International Organization for Migration (IOM), and other non-governmental organizations (NGOs). The United States provides approximately half of all humanitarian funding in Uganda and is the country’s largest donor of humanitarian assistance. The nearly $14 million announced today was contributed over the past month and comes from the U.S. State Department’s Bureau of Population, Refugees, and Migration (PRM), which will provide it via six humanitarian NGOs.

This new humanitarian assistance will fund programs in ten refugee settlements in Uganda, as well as for urban refugees living in Kampala. These programs will provide critical education, livelihoods, mental health and psychosocial support, and protection services for refugees and their Ugandan host communities. U.S. Ambassador William Popp said, “from assisting farmer groups in Bidibidi, to employing protection case workers in Kiryandongo, to supporting secondary education in Adjumani, we are proud to be Uganda’s largest partner in humanitarian assistance, as well as the largest funder of UNHCR, IOM, and WFP. This is part of our decades-long partnership with the Ugandan people, and commitment to help vulnerable refugees the world over.”

The United States’ humanitarian funding is designed to benefit both refugees and the Ugandan communities hosting them. Every program includes support for the surrounding communities, ensuring local input and generating employment for Ugandans. All refugee-serving facilities are also open to Ugandan citizens, with millions of Ugandans benefiting every year from the health care, education, clean water, and jobs training that U.S. funding enables.

The United States remains in partnership with the people of Uganda and will continue to work together to ensure the well-being of vulnerable refugees in the country. For more details on the full scope of the United States’ partnership with the people of Uganda, please see the U.S. Embassy’s “Report to the Ugandan People.”

Distributed by APO Group on behalf of U.S. Embassy in Uganda.

The Football Foundation for Africa (FFA) (www.FootballFoundation.Africa) is pleased to announce the signing of a strategic partnership with Kenyatta University (KU), one of Africa’s leading institutions of higher learning and a trailblazer in sports education across the continent. This collaboration represents a significant milestone in the Foundation’s mission to harness the power of football as a catalyst for social and economic transformation in Africa. 

The Memorandum of Understanding (MoU) between the two organisations outlines a comprehensive framework for collaboration in four critical areas: academic partnerships, research and innovation, community outreach, and utility partnerships. These initiatives foster educational excellence, ground-breaking research, and meaningful community engagement, ensuring both organisations contribute to Africa’s socio-economic development. 

Positioning for the Future: 
This strategic partnership is a game-changer for both organisations, notably as Kenyatta University is recognised as a pioneer in African sports education, with alums working across the continent and globally, KU’s role as a knowledge partner at the upcoming Africa Football Business Summit 2024 further cements its leadership in the field. 

Additionally, the collaboration positions Kenyatta University and FFA as crucial stakeholders ahead of the highly anticipated Africa Cup of Nations 2027, which Kenya, Uganda, and Tanzania will co-host. The partnership will ensure that both institutions are well-positioned to contribute to and benefit from this landmark event, focusing on sustainable sports development in East Africa. 

A Shared Vision for Africa’s Future: 
Speaking on the partnership, Brian Wesaala, Founder and CEO of The Football Foundation for Africa, stated: 

“This collaboration with Kenyatta University is monumental for The Football Foundation for Africa. Grounding our work on robust academic frameworks and accessing cutting-edge research and technology will accelerate our mission to leverage football for Africa’s social and economic development. We are excited to take this journey with one of Africa’s leading universities.” 

Prof Caroline Lang’at Thoruwa, Deputy Vice-Chancellor (Research, Innovation and Outreach) Office, added: 

“At Kenyatta University, we believe in the transformative power of education and sports. This partnership with The Football Foundation for Africa aligns with our vision of contributing to Africa’s sustainable development through knowledge and innovation. As we look ahead to AFCON 2027, this partnership will position us to play a pivotal role in shaping the future of football in Africa.” 

This partnership marks a bold step in transforming the landscape of football and sports education in Africa, with far-reaching impacts on the football industry and the broader African community.

Distributed by APO Group on behalf of Football Foundation for Africa.

For media inquiries, please contact: 
Wambita Okanya 
Media and Communications Lead 
Africa Football Business Summit 2024 
media@footballfoundation.africa 

About The Football Foundation for Africa 
The Football Foundation for Africa is committed to using football as a platform for social and economic development across the continent. The Foundation works with stakeholders across the football, education, and business sectors to address critical socio-economic challenges and create opportunities for young people. 

About Kenyatta University 
Kenyatta University is one of Africa’s premier institutions, known for its innovative approach to education and research, particularly in sports. With a solid commitment to academic excellence and community engagement, KU plays a leading role in developing the next generation of African leaders. 

With an eye on promoting trade, investment and financing opportunities in São Tomé and Príncipe, African Export-Import Bank (Afreximbank) (www.Afreximbank.com), in partnership with the Government and the Promotion, Commerce and Investment Agency (APCI) of São Tomé and Príncipe are hosting the “São Tomé and Príncipe Investment Forum.” The forum is expected to attract about 150 participants and will feature key investment opportunities and projects across the country.

Scheduled for September 17-19 at Hotel Praia, São Tomé the event will facilitate B2B engagements, present joint ventures, offer public-private-partnerships and allow for private sector business deals to be concluded.

It will also enable potential investors from the African continent as well as those from the diaspora to have direct engagements with the Government of São Tomé and Príncipe and the country’s private sector. The Investment Forum will assist São Tomé and Príncipe to mobilise investment in key sectors such as tourism, agriculture, fisheries, infrastructure, logisticsand energy, and boost its capacity to produce value added goods and services that can be traded under the African Continental Free Trade Agreement (AfCFTA).

Among those addressing the forum will be H.E. Patrice Emery Trovoada, Prime Minister and Head of the Government of São Tomé and Príncipe, and Mr. Eric Monchu Intong, Acting Group Managing Director, Client Relations, Afreximbank.

Other participants will include senior government officials from São Tomé and Príncipe, investors, financial institutions, representatives of private sector organisations and the business community from the rest of Africa.

H.E. Prime Minister Patrice Emery Trovoada commented: “This investment forum is a pivotal step in unlocking our nation’s economic potential and fostering connections with the global business community. By attracting strategic investments and partnerships, we are positioning our country as a key player in Africa’s trade landscape, ready to leverage opportunities under the African Continental Free Trade Agreement.”

Mr. Eric Monchu Intong, Acting Group Managing Director, Client Relations, Afreximbank remarked: “Afreximbank is committed to empowering São Tomé and Príncipe through its programmes and facilities needed to foster sustainable growth. This forum therefore offers a unique opportunity for global and African investors to explore investment opportunities in one of Africa’s most promising and strategically located markets, endowed with high return investment-friendly sectors.”

The forum follows a roadshow organised by Afreximbank in São Tomé and Príncipe in 2023 and a State Visit to the country by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, where the Bank agreed to partner with the government in promoting investments.

The Bank subsequently extended a credit facility of US$ 12 million to the Government, via the Central Bank of São Tomé and Príncipe, and also agreed to provide technical assistance and capacity building to the country.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
press@afreximbank.com

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com