IFC and Government of Rwanda Partner to Support Private Sector-led Growth

Kigali, Rwanda, May 16, 2024—IFC today announced five partnerships with the Government of Rwanda to support the country to strengthen its economy and create jobs by attracting increased private sector engagement across climate-smart agriculture, green city development, and its corporate governance and privatization program.

The five advisory projects, signed during the Africa CEO Forum in Kigali, reflect IFC's commitment to supporting sustainable private sector activity in Rwanda that contributes to job creation, climate resilience and food security. The projects are:

1. A partnership with the Ministry of Finance and Economic Planning to support the government's state-owned enterprise (SOE) reform and privatization program. IFC will provide technical assistance to the Ministry, including training to its staff, and reform advisory on SOE corporate governance and asset monetization.
2. An advisory partnership with the Government of Rwanda to support the growth of the Rwanda Green Fund, the financing vehicle for public and private investments to accelerate and provide growth capital to high-impact green ventures. IFC will help the fund to identify a pipeline of bankable projects while also providing reform recommendations to unlock private investment into climate-smart agriculture and sustainable cities.
3. An advisory partnership with the Capital Markets Authority to support the integration of environmental, social and governance (ESG) standards into the capital markets industry codes on conduct and regulations. This will support Rwanda to position itself competitively in the regional market and bring enhanced opportunities for regional and international investment.  
4. A partnership agreement with the Rwanda Association of Professional Environmental Practitioners to deepen the knowledge and understanding of ESG consultants that can assist businesses in Rwanda to adopt ESG practices including IFC Performance Standards and Corporate Governance Methodology, Equator Principles, and the relevant European Union requirements.
5. A partnership agreement with the Rwanda Bankers Association to support banks in Rwanda to improve their ESG standards and practices by developing ESG guidelines for the market and to support implementation including training of banks on ESG risk management.
   

"We are delighted to partner with IFC in the development of reform capability. Today's partnership underscores the Government of Rwanda's commitment to fostering a thriving private sector, creating quality jobs, strengthening economic fundamentals and climate resilience, along with the best practices in terms of governance," said Honorable Jeanine Munyeshuli, the Minister of State for Public Investments and Resource Mobilization. 

"IFC's support is crucial for Rwanda's sustainable development goals. Together, we will develop long-term investment in climate-smart agriculture and sustainable cities," said Teddy Mugabo, CEO of the Rwanda Green Fund.

"Rwanda is a leader in the region driving green and sustainable growth. IFC has a track record of supporting Rwanda's ambitious growth and development plan and the partnerships signed today will further strengthen our collaboration and the private sector's central role driving job creation and opportunities for the country," said Makhtar Diop, IFC Managing Director.

IFC's work in Rwanda is focused on promoting sustainable markets and private sector development across four priority sectors: affordable housing, agribusiness, inclusive finance, and sustainable infrastructure. IFC has been additionally supporting Rwanda to develop a new life sciences park as the country solidifies itself as a leader in Africa's vaccine and pharmaceutical development. IFC is also working with partners to strengthen the country's grain market, water infrastructure and lending to SMEs.

About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org

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