Rwanda has raised $620 million through the issuance of a 10-year Eurobond, authorities said in a statement released late on Monday.

The bond was oversubscribed with orders of $1.6 billion, said the statement released by Rwandan Ministry of Finance and Economic Planning.

“Rwanda has a strong track record of sound economic policies and reforms that have led to sustained high economic growth, a conducive investment climate, prudent debt management and strong recovery prospects.

“This is despite the impact of the COVID-19 pandemic,’’ Uzziel Ndagijimana, Minister of Finance and Economic Planning, said in the statement.

“The funds raised will accelerate strategic projects in productive sectors that will further boost the country’s economic transformation efforts,’’ said John Rwangombwa, Governor of National Bank of Rwanda, in another statement.

The proceeds of the bond will be used partly to refinance the existing Eurobond, which is due in May 2023.

The rest will fund priority projects that support recovery from the economic downturn triggered by the COVID-19 pandemic and help spur export growth.

Other considerations, according to the statement, include safeguarding environmental protection and mitigating adverse effects of climate change.

Economic growth of the central African nation averaged at 7.8 per cent over the last two decades.

The economy is expected to grow 5.1 per cent this year, with prospects of returning to the pre-COVID-19 high growth by 2023, according to the statement.