(Xinhua) -- Rwanda has raised 620 million U.S. dollars through the issuance of a 10-year Eurobond, authorities said in a statement released on Monday.

The bond was oversubscribed with orders of 1.6 billion dollars, 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 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 the statement.

The proceeds of the bond will be used partly to refinance the existing Eurobond which is due in May 2023, and 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 percent over the last two decades and the economy is expected to grow 5.1 percent this year, with prospects of returning to the pre-COVID-19 high growth by 2023, according to the statement.

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