The partnership will mobilize more than €300 million in climate change projects in the African country
Renewed collaboration between financial institutions represents a new approach to global development finance that aims to maximize cooperation and impact of investments
Mobilizing an additional 300 million euros to catalyze private investment and promote climate resilience projects in Rwanda. This is the goal of the partnership between Cassa Depositi e Prestiti (CDP), the Government of Rwanda, the International Monetary Fund (IMF), the World Bank, the European Investment Bank (EIB), European Institutions, and several International Development Finance Institutions such as the Agence Française de Développement (AFD) and the International Finance Corporation (IFC) announced yesterday at the Summit on the New Global Financial Compact organized by President Emmanuel Macron in Paris.
The initiative is part of the Resilience and Sustainability Facility (RSF) agreement signed by the Rwandan government with the IMF, which has already secured $319 million in funding for the country, to be joined now by the additional $300 million supported by partners. The funds aim to facilitate public-private partnerships and increase financing and investment inflows to promote climate resilience in Rwanda.
In particular, the CDP Group, in its role as the Italian Financial Institution for Development Cooperation, will define together with the Government of Rwanda and the Development Bank of Rwanda, some joint actions aimed at increasing climate finance through a combination of public and private investments.
The partnership signed today is a concrete example of the international community's commitment to reshape the climate finance architecture, increasingly leveraging on collaborative approaches and joining existing investment programs to facilitate public-private partnerships, attract more investment, and increase the impact and reach of its programs.