On Friday, July 5, 2024, the Government of Rwanda and the Government of the Republic of Korea signed a $1 billion framework arrangement aimed at providing concessional funding for a range of projects.  The framework arrangement signed by Minister of Finance and Economic Planning Yusuf Murangwa and Ambassador of the Republic of Korea to Rwanda Mr. Jeong Woo. The financing by Korean Government is channeled through the Economic Cooperation Development Fund (ECDF). This new framework arrangement replaces the previous one signed in 2022, which had an allocation of $500 million for the period 2022-2

On Friday, July 5, 2024, the Government of Rwanda and the Government of the Republic of Korea signed a $1 billion framework arrangement aimed at providing concessional funding for a range of projects. 

The framework arrangement signed by Minister of Finance and Economic Planning Yusuf Murangwa and Ambassador of the Republic of Korea to Rwanda Mr. Jeong Woo.

The financing by Korean Government is channeled through the Economic Cooperation Development Fund (ECDF).

This new framework arrangement replaces the previous one signed in 2022, which had an allocation of $500 million for the period 2022-2026.

Covering the years 2024 to 2028, the five-year agreement will be aligned with Rwanda's second National Strategy for Transformation (NST2) and is set to support projects in key sectors of the Rwandan economy, including transportation, healthcare, and education.

Following the agreement signing, Minister of Finance and Economic Planning Yusuf Murangwa emphasized, "Rwanda-Korea current bilateral cooperation is aligned to our National Strategy for Transformation and plays a pivotal role in enhancing Rwanda's human capital for the 21st century, transforming our agricultural sector, establishing a foundation for ICT-led governance, and nurturing a thriving business environment. The framework signed is a significant milestone in our bilateral cooperation and provides assurances to achieve even more results in areas of our engagement."

The Ambassador of the Republic of Korea to Mr. Jeong Woo Jin said. “I trust that the EDCF Framework Arrangement signed today will serve as a robust foundation to elevate the relations between our two countries to the next level after the inaugural 2024 Korea-Africa summit where H.E. President Kagame attended. I believe there is more room to cooperate in bilateral relations, especially based on the continuous cooperation in Agriculture, ICT, Education, Health and Infrastructure”.

Rwanda established diplomatic relations with the Republic of Korea in 1963.

The relationship grew stronger with the opening of a diplomatic bureau in November 2008, which was later upgraded to an embassy in February 2009.

The two countries cooperate closely in agriculture, education, the development of medical technology, and other areas.

In 2020, South Korea signed an agreement with Rwanda that allows both countries to share airspace, known as the Bilateral Air Services Agreement (BASA).

In August 2023, Rwanda and South Korea signed two important agreements in Political Cooperation aimed at increasing political dialogue and sustainable cooperation between the two countries.

Minister of Finance and Economic Planning Yusuf Murangwa and Ambassador of the Republic of Korea to Rwanda Mr. Jeong Woo.

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