Rwanda will today launch the Fund for Environment and Climate Change (Fonerwa), a groundbreaking initiative and the biggest of its kind in Africa.
Information from Fonerwa indicates that the Fund will be the engine of green growth in Rwanda and will help finance public and private environment and climate change projects.
Projects supported by the Fund will be those aligned with the country’s commitment to a prosperous green economy.
Fonerwa is expected to spearhead green growth in Rwanda for the next 50 years, while serving as a touchstone for Africa and the rest of the world.
It aims to provide technical and financial support to public and private projects that align with Rwanda’s commitment toward a green economy.
The launch of the Fund comes just days after President Paul Kagame and the President of the EU Commission, José Manuel Durão Barroso, signed the Sustainable Energy Declaration Agreement that seeks to enhance climate change mitigation.
The agreement was signed at the Climate Change Summit held on the sidelines of the 69th UN General Assembly in New York last month.
Rwanda is one of the five beneficiaries of a Euro2 billion grant from the EU that would help woo private investments into sustainable energy projects.
At today’s launch, officials are expected to share experiences of the Fund thus far, showcase its achievements and chart the way forward.
The Fund has been operating since October 2012 and has already mobilised Rwf59 billion. So far 18 projects have been approved for funding and are at various stages of implementation.
“These projects cover a wide range of development areas, including Natural Resources and Ecosystem Management, Electronic Waste Management and Renewable Energy investments. The projects are all aimed at promoting Rwanda’s green economy through investment and employment,” reads a statement from Fonerwa.