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International financiers including Agence Française de Développement (AFD), European Investment Bank (EIB), Cassa Depositi e Prestiti (CDP), and the International Finance Corporation (IFC) have agreed a cooperative approach to facilitate public-private partnership, scale-up climate finance, and crowd in private climate investment that will mobilise EUR 300 million to build climate resilience in Rwanda.

The new support complements and builds on the $319 million in financing accessed by the Government of Rwanda through the Resilience and Sustainability Facility (RSF) arrangement with the International Monetary Fund (IMF).

The new partnership was unveiled last month at the Paris Summit for a New Global Financing Pact and is part of ongoing efforts by the international community to reshape the global climate finance architecture, including by moving beyond small-scale projects to significant long-term investments that leverage existing mechanisms to facilitate public-private partnerships and attract private sector investments.

In a joint statement sent to Financial Nigeria, the financiers said this collaborative support will bolster Rwanda's efforts to address the impact of climate change on vulnerable communities and strengthen the catalysing effect of the IMF’s RSF arrangement by attracting additional budget support from partners, initiate a programmatic approach for climate investments, and scale up Ireme Invest – Rwanda’s unique and innovative investment facility dedicated to private sector green investment – that was launched by President Paul Kagame in November 2022 at the UN Climate Change Conference (COP27) in Egypt.