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Green investment fund helps Rwanda expand climate initiatives

The Coalition for Green Capital aims to help unlock private investment in green sectors by using public investment to reduce risk and address other barriers.

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Rwanda's latest green funding model is relevant for other African nations
Rwanda's latest green funding model is relevant for other African nations

The Coalition for Green Capital (CGC) is helping Rwanda to further expand its climate action finance capacity.

 

The Catalytic Green Investment Fund aims to expand private investment in Rwanda’s green sectors. The catalytic approach uses public investment to attract private investment, by reducing risk and addressing other market barriers.

 

Rwanda Green Fund

 

The new fund is designed to complement existing programmes available through the Rwanda Green Fund (FONERWA). The Rwanda office of the United Nations Development Programme (UNDP) is supporting the programme and awarded the contract to CGC through the fund.

 

Interest in climate finance solutions is growing throughout Africa, and with this project, Rwanda offers a model relevant to other African countries.

 

“This new mechanism joins a number of financial tools developed by the Rwanda Green Fund to advance green growth and we are confident it will support Rwanda in becoming a developed and low carbon nation,” says Hubert Ruzibiza, CEO of the Rwanda Green Fund.

 

CGC has a proven track record of planning and implementing similar funds. Last year, it partnered with the Development Bank of Southern Africa to launch a new climate finance facility, which included the first ever Green Climate Fund loan to an institution based on the green bank model.

“This new mechanism joins a number of financial tools developed by the Rwanda Green Fund to advance green growth"

The CGC claims that in the US, green bank funds have more than tripled the impact of each dollar of public investment on average.

 

“Developing and implementing a fund of this nature requires an in-depth understanding of the local market. I expect to work closely with local market participants to arrive at a design that will be effective at mobilising the full power of relevant private investors,” said Sidonie Gwet, Rwanda project lead at CGC.

 

Jeff Schub, executive director at CGC, added: “Massive mobilisation of capital will be needed to address the challenges of global climate change. CGC is inspired by Rwanda’s leadership and excited to be working with FONERWA to develop innovative financial frameworks for climate investment.”

 

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