IFC to boost Methane Gas extraction

VILLAGE URUGWIRO - The International Finance Corporation (IFC) is set to work closely with the government of Rwanda in expediting the extraction of Methane gas from Lake Kivu for power generation. This was revealed yesterday by Thierry Tanoh, the new IFC Vice President for Sub-Sahara briefly after his meeting with President Paul Kagame at Urugwiro Village. Tanoh who was making his first visit to Rwanda said that he briefed the President on, among other issues, the engagement of IFC in the extraction of Methane gas from Lake Kivu. He hailed Kagame’s government for its continued efforts in developing Rwanda saying that the country is topping IFC’s list of countries in the region that it has good relations with. “It is in this particular sense that we are dedicated to putting together all resources available to ensure the extraction of Methane Gas from Lake Kivu,” said Tanoh. Finance and Economic Planning Minister, James Musoni, who also attended the meeting with Tanoh, said that the venture will generate up to 100 megawatts of electricity from the gas. IFC is an affiliate of the World Bank and has expressed interests in engaging itself in the promotion of a suitable investment environment in the country especially in the formulation of cross-border transactions through reviewing the regulatory framework. It has also created a partnership with Rwanda Housing Bank and has so far bought 20 percent shares in the bank to assist Rwandans acquire long term loans. Ends

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IFC to boost Methane Gas extraction