Rwanda Green Fund celebrates 5 years of investing in green growth and climate resilience
The Rwanda Green Fund, FONERWA, has celebrated five years of playing a key role in Rwanda’s climate resilient development. The anniversary recognised the fund’s contribution to green growth across the country and exchanged ideas on the way forward. The event took place during the first-ever Rwanda Green Growth Week and was attended by investment partners, national and international development partners, and climate finance specialists from across Africa.
Director General of the Rwanda Environment Management Authority, Coletha Ruhamya, opened the event by congratulating the fund for leading the financing of the green economy in Rwanda. She also acknowledged the partners who supported the Government of Rwanda to establish the fund.
“The realisation of a national fund for environment and climate change would not have been possible without strong collaboration from development partners. They saw the promise of the fund, and have been with us every step of the way. I would like to express our appreciation for your continued support,” DG Ruhamya said.
“Given the environmental and economic targets we have set, the Rwanda Green Fund must be ready to meet the demands of our fast growing economy. I am sure we are up to the challenge,” she added.
The CEO of the fund, Hubert Ruzibiza, presented on its achievements and plans for the future.
“In just five years, the fund has revolutionised the way the country invests in climate resilience and sustainable development. More than 95,000 people have been supported to cope with the effects of climate change and 127,000 green jobs have been created – of which more than 77,000 were for women,” he explained.
“As we look to the future, the fund aims to be structured as a proper investment fund and serve as an engine of green growth in Rwanda for both public and private initiatives. Over the next five years, the fund will increase its engagement with the private sector, as well as civil society,” CEO Ruzibiza said.
After the presentation, a panel moderated by Georgie Ndirangu from CNBC Africa discussed the work of the fund over the last five years, examining its success and the challenges that must be overcome to ensure green growth in Rwanda.
The panel was comprised of Hanane Hafraoui, Economic/Low Carbon Development Advisor, DFID Rwanda, John Gakumba, National Project Coordinator for the Nile Basin Discourse Forum, Innocent Kabenga, GGGI Rwanda Country Representative, and Bright Ntare, Rwanda Green Fund Programme Manager.
Speaking about the work being undertaken to engage the business community, Bright Ntare said: “In March this year, the fund launched a rolling basis for the credit line to enable the private sector to more easily access funds.”
Contributing to the panel discussion, Minister of Environment, Vincent Biruta, said Rwanda is keen to see any project that will promote sustainable development:
“Green growth doesn’t mean we’re going to stop building roads, or constructing buildings. It means we’re going to do it in a way that’s sustainable,” the Minister said.
To conclude the event, the audience weighed in with questions and suggestions and investment partners shared their experience working with the fund.