EU invests €900 million in Rwandan development projects

The European Union has committed €900 million in investment in Rwanda to build a vaccine facility, agri-infrastructure and a raw materials project, it has been announced today.

The president of the Republic of Rwanda Paul Kagame and the president of the European Commission Ursula von der Leyen have agreed on the mutually beneficial investments under the EU Global Gateway strategy, which looks to give countries better choices and improve European economic security and European influence in the world.

The funds will support local manufacturing and access to vaccines, medicines and health technologies in Rwanda, as well as boosting the critical raw materials industry in the country.

Commenting on the agreement, president Kagame said: “As a continent, we still rely heavily on imports for vaccines and medicines. We want to change this, and the long-term solution is to strengthen our manufacturing and scientific capacity.

“Again, the European Union has been very active in this, trying to support us in this development. Earlier today, the President and I attended the inauguration of BioNTech’s vaccine manufacturing site. The European Union, and President von der Leyen personally, helped to make this a reality.”

European Commission president Ursula von der Leyen added: “On the global scene, the EU and Rwanda see eye-to-eye on many matters and we warmly welcome Rwanda’s climate leadership.

“Rwanda is also a key partner for Europe under Global Gateway, which is investing 150 billion euros in Africa. Global Gateway, Europe’s investment strategy for the world, comes with the highest environmental and social standards, and with transparency. We share technology and knowledge, and we train the local workforce.

“We bring the support of the entire Team Europe, from public and financing institutions, and private sector investment. All this helps to create good, local jobs for Rwandans.” Approximately €380 million of Global Gateway investments by Team Europe support the development of the agro-food industry.”

Jack Peat

Jack is a business and economics journalist and the founder of The London Economic (TLE). He has contributed articles to VICE, Huffington Post and Independent and is a published author. Jack read History at the University of Wales, Bangor and has a Masters in Journalism from the University of Newcastle-upon-Tyne.