October 30, 2020

Hotels Take Lion’s Share of Rwf 100 Billion COVID-19 Recovery Fund

Trustworthy and indepth news stories are more important now than ever.
Support our newsroom by MAKING A CONTRIBUTION HERE
Prime Minister Edouard Ngirente speaking today at the IMIHIGO function

Nearly 50 percent of the government’s emergency economic recovery fund set up to cushion companies from the impact of the COVID-19 pandemic, has been spent.

Figures released Friday by Prime Minister Edouard Ngirente show that Rwf 44.3billion of the Rwf 100b fund, has been spent. That is more than 44.3% of the fund.

The fund was established in June to help the economy get back to its feet. Large and small companies were to demonstrate they had lost more than 50% of their business to benefit.

The fund came as confidential findings shared by the UK’s international development agency DFID with government showed at least 60% of the population or more than 8m people, had lost entire livelihoods due to the pandemic.

ALSO READ: Government’s Emergency Loans Not Meant for Sector Employing 90% Workforce

Today at the signing of performance contracts by district mayors, known as IMIHIGO with President Paul Kagame, the PM Ngirente said the 138 hotels had got a combined Rwf 42billion from the recovery fund so far.

SMEs had got Rwf 800m, education institutions got Rwf 640m, while factories had received Rwf 370m.

Government said at the launch of the ongoing Fund that it was ready to add another Rwf 100billion – to reach Rwf 200billion.

However, as was reported by The Chronicles, the informal sector which employs 91% of the workforce, will not benefit from the economic recovery funds. One of the conditions to get the cash is that the business must be registered with the Rwanda Development Board.

We can't do quality journalism without your support

Perhaps it goes without saying — but producing quality journalism isn't cheap. At a time when newsroom resources and revenue are declining, The Chronicles remains committed to "Serving Your Right To Know The Truth". Stand with us as we document Rwanda's remarkable journey for you and the future generation. Do you value our journalism? We can't do it without you. Show us with your support by CONTRIBUTING HERE.
Email your news TIPS to info@chronicles.rw or WhatsApp +250788351327.
You can also find us on Signal

Leave a Reply

Your email address will not be published. Required fields are marked *