RWANDA – International Finance Corporation (IFC), a member of the World Bank, has announced five partnerships with the Government of Rwanda to support sustainable private sector activity that contributes to job creation, climate resilience, and food security.
The partnership will strengthen Rwanda’s economy and create jobs by attracting increased private sector engagement across climate-smart agriculture, green city development, and its corporate governance and privatization program.
“We are delighted to partner with IFC in the development of reform capability,” said Honorable Jeanine Munyeshuli, the Minister of State for Public Investments and Resource Mobilization.
“Today’s partnership underscores the Government of Rwanda’s commitment to fostering a thriving private sector, creating quality jobs, strengthening economic fundamentals and climate resilience, along with the best practices in terms of governance.”
A partnership with the Ministry of Finance and Economic Planning will support the government’s state-owned enterprise (SOE) reform and privatization program. IFC will provide technical assistance to the Ministry, including training its staff and reform advisory on SOE corporate governance and asset monetization.
An advisory partnership with the Government of Rwanda will support the growth of the Rwanda Green Fund, the financing vehicle for public and private investments to accelerate and provide growth capital to high-impact green ventures.
IFC will help the fund identify a pipeline of bankable projects while providing reform recommendations to unlock private investment into climate-smart agriculture and sustainable cities.
“IFC’s support is crucial for Rwanda’s sustainable development goals. Together, we will develop long-term investment in climate-smart agriculture and sustainable cities,” said Teddy Mugabo, CEO of the Rwanda Green Fund.
An advisory partnership with the Capital Markets Authority is set to support the integration of environmental, social, and governance (ESG) standards into the capital markets industry’s codes of conduct and regulations.
This will help Rwanda position itself competitively in the regional market and enhance opportunities for regional and international investment.
A partnership agreement with the Rwanda Association of Professional Environmental Practitioners will deepen the knowledge and understanding of ESG consultants that can assist businesses in Rwanda in adopting ESG practices, including IFC Performance Standards and Corporate Governance Methodology, Equator Principles, and the relevant European Union requirements.
A partnership agreement with the Rwanda Bankers Association will support Rwandan banks in improving their ESG standards and practices by developing ESG guidelines for the market and supporting their implementation, including training banks on ESG risk management.
“Rwanda is a leader in the region driving green and sustainable growth. IFC has a track record of supporting Rwanda’s ambitious growth and development plan, and the partnerships signed today will further strengthen our collaboration and the private sector’s central role in driving job creation and opportunities for the country,” said Makhtar Diop, IFC Managing Director.
IFC’s work in Rwanda promotes sustainable markets and private sector development across four priority sectors: affordable housing, agribusiness, inclusive finance, and sustainable infrastructure.
IFC has also been supporting Rwanda in developing a new life sciences park as the country solidifies its position as a leader in Africa’s vaccine and pharmaceutical development.
IFC is also working with partners to strengthen the country’s grain market, water infrastructure and lending to SMEs.
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