EIB and Development Bank of Rwanda Collaborate to Boost Sustainable Development with €20 Million Credit Line

EIB and Development Bank of Rwanda Collaborate to Boost Sustainable Development with €20 Million Credit Line

(IN BRIEF) During the COP 28 summit in Dubai, the European Investment Bank (EIB) and the Development Bank of Rwanda (BRD) have formalized an agreement designed to promote sustainable development in Rwanda. The €20 million line of credit, accompanied by technical assistance grants, is part of the EIB’s Green Financial Systems program, which supports the NDC Partnership and receives backing from the International Climate Initiative Fund and the German Federal Ministry of Economic Affairs and Climate Action. This collaboration fulfills their commitment to Ireme Invest, Rwanda’s primary private sector climate financing initiative, launched during COP 27 in Sharm El-Sheikh. The agreement highlights the EIB and BRD’s dedication to addressing the climate crisis and underscores their collective efforts to expedite Rwanda’s transition to a low-carbon economy, potentially setting a model for international cooperation in addressing global challenges.

(PRESS RELEASE) LUXEMBOURG, 5-Dec-2023 — /EuropaWire/ — On the sidelines of the COP 28 summit in Dubai, the European Investment Bank (EIB) and the Development Bank of Rwanda (BRD) have signed an agreement aimed at advancing sustainable development in Rwanda. The €20 million line of credit, coupled with a technical assistance grant provided under the EIB Green Financial Systems programme supporting the NDC Partnership and backed by the International Climate Initiative Fund and German Federal Ministry of Economic Affairs and Climate Action, is a fulfillment of their pledge to Ireme Invest, Rwanda’s flagship private sector climate financing vehicle which was launched at COP 27 in Sharm El-Sheikh.

This agreement reflects the strong collaboration between the EIB and BRD, leveraging their collective strengths to address the urgent climate crisis. The line of credit and technical assistance provided will not only accelerate Rwanda’s transition to a low-carbon economy but also serve as a model for effective international cooperation in the face of global challenges.

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SOURCE: European Investment Bank