Rwanda's government will use the money to establish the country's national capacity to provide broadband connectivity and access to low-cost international bandwidth.
The money will help boost the country's ambition to become a regional ICT hub, according to Romain Murenzi, Rwanda's minister for science, technology, scientific research and ICT.
The $24 million is part of $424 million from the bank aimed at helping the region improve its dilapidated communication infrastructure.
The World Bank announced the program to fund ICT African infrastructure development in 2007. The program was created after calls by various governments in the region requesting funding from the bank for telecom infrastructure.
The bank wants the Rwandan government to use the money to develop national capacity to provide broadband connectivity to more than 700 Rwandan institutions including schools, health centers and local government administrative centers.
The funds, according to the World Bank were approved under the International Development Agency, a concessional lending arm of the bank.
"The Rwandan government is very happy with the funding from the World Bank and the money will help the country to become the regional ICT hub," Murenzi said.
The bank said the volume of international bandwidth connected to Rwanda is expected to triple and the price of the bandwidth is expected to fall by 50 percent.
The regional infrastructure program in Rwanda is expected to promote investment and competition among local ISPs.
The World Bank has already released $4 million to Kenya to support online content generation for the government and the private sector. The bank has also set aside $50 million for ICT infrastructure development, connectivity, skills development and capacity building for Nigeria.
More than $164 million has also been allocated to Burundi and Madagascar as a part of the first phase of the program. Other eligible countries in the region will join future phases of the program on a "readiness basis."
By the end of the project, the bank said, major cities across the region will be linked to competitively priced broadband. The lower prices of the international connectivity are expected to decrease the cost of doing business and increase private sector investment opportunities in the region.