RWANDA - Green Investment Facility (RGIF) Program

The Management submits the following proposal and recommendation for financing of USD 42.793 million from the Green Climate Fund (GCF) to the Republic of Rwanda (Rwanda) for the implementation of the Rwanda Green Investment Facility (RGIF) program. Under the supervision of the Rwandan Ministry of Finance and Economic Planning (MINECOFIN), the RGIF program is an innovative financing mechanism aimed at mobilizing long-term, competitive climate finance for green, climate-resilient projects that have an impact in Rwanda. It comprises two pillars operating in an integrated approach: 1) the Project Preparation Facility (PPF), managed by the Green Fund of Rwanda (FONERWA2) to increase the bankability of projects; and 2) the Credit Facility (CF), managed by the Rwandan Development Bank (BRD) to deploy loans for green and climate-resilient projects. The RGIF program will be implemented from2024 over a 7-year period (Phase 1: years 1-4; Phase 2: years 5-7). This project primarily contributes to climate mitigation results. As such, 100% of the total approved amount is attributed as climate finance, of which 100% is dedicated to mitigation.