The Development Bank of Rwanda (BRD) has become the first Rwandan financial institution and the fourth national development bank in Africa to receive accreditation from the Green Climate Fund (GCF).

The fund is a global climate finance mechanism established under the United Nations Framework Convention on Climate Change (UNFCCC).

The accreditation allows BRD to directly access global climate finance for projects in Rwanda, marking a significant shift in how the country can mobilise funding for climate action.

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The fund, which serves as an operating entity of the UNFCCC financial mechanism, manages a global portfolio of more than $20 billion in climate action investments.

It is widely regarded as the world’s largest dedicated climate fund, supporting developing countries in both climate change adaptation and mitigation.

The bank received its GCF Accreditation Certificate after meeting all required Conditions Precedent set by the institution.

The New Times highlights the key implications of the accreditation.

Rwanda’s first accredited financial institution

An explanatory note shared with The New Times on Thursday, May 21, confirms that BRD is now Rwanda’s first accredited financial institution under the GCF. It joins the Ministry of Environment, which previously held the country’s only GCF accreditation.

Fourth-accredited national development bank in Africa

Across the continent, BRD becomes the fourth national development bank accredited by the GCF, alongside those in South Africa, Nigeria, and Zambia.

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"In East Africa, only KCB Bank Kenya preceded us,” BRD said in a statement.

Direct access to climate finance

The accreditation gives BRD direct access to GCF concessional funding, soft loans, and risk-sharing instruments without routing funds through intermediary institutions. This is expected to lower the cost of capital for climate-related projects in Rwanda.

It also means Rwanda can now submit bankable climate project proposals directly to the GCF, rather than relying on third-party institutions.

Previously, BRD had no direct standing with the fund. Climate finance opportunities requiring GCF accreditation were channelled through external intermediaries, often larger multilateral institutions. This resulted in Rwanda losing origination and structuring fees, as well as reduced control over project design.

The dependency also contributed to delays, as project concepts developed in Kigali had to pass through institutions headquartered elsewhere.

With accreditation secured, BRD can now originate, structure, and supervise GCF-funded programmes directly on behalf of Rwanda.

Boost for green finance agenda

BRD says its immediate priority is scaling up Ireme Invest, Rwanda’s flagship green finance facility, to attract commercial banks and private investors into climate-smart lending.

The move aligns with Rwanda’s climate commitments under its Nationally Determined Contributions (NDCs), the Second National Strategy for Transformation (NST2), and Vision 2050, all aimed at building a climate-resilient and upper-middle-income green economy.

The institution noted that GCF accreditation also serves as external validation that its fiduciary, environmental, social, and governance systems meet international standards required to manage climate finance at scale.

Why the accreditation matters now

BRD described the timing as significant, noting that Rwanda is currently implementing NST2 while global climate finance discussions intensify ahead of COP31.

There is growing pressure for more funding to flow directly through national institutions rather than multilateral intermediaries, and accredited national entities are better positioned to benefit from that shift.

Domestically, the private sector continues to face a financing gap in transitioning to lower-emission operations across agribusiness, housing, manufacturing, and export-oriented industries.

With potential backing from the GCF, Ireme Invest is expected to expand its capacity to price climate risk into development finance at scale—supporting broader market transformation rather than isolated project financing.

BRD reported that in 2025, it surpassed Rwf1 trillion in total assets.