Rwanda environment fund hits $75M

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Rwanda environment fund hits $75M

President Paul Kagame addressing the World Economic Forum on Climate change in Davos

The Rwanda Environment and climate change fund Fond Nationale pour l’Environment au Rwanda (FONERWA) has hit $75M.

The one year old fund was put in place to fund technical and financial support of best public and private projects related to green economy.

The money funded 11 projects including rooftop rain water harvesting, national e-waste strategic plan, vulnerable eco-system recovery, construction of hydro-power plants and terracing.

A part from the hydro power plant which was supported in terms of line credit, other projects obtained support in terms of grant.

Gisagara district in Southern part of Rwanda obtained $3.6M for terracing and reforestation of Akanyaru river watershed last month.

Léandre Karekezi, the district mayor told ktpress that the-3 year project starts next month with terracing in 300ha of this hilly region.

“It is an important project which will procure job to hundreds citizen of the district, while also fighting the soil erosion,” he said.

Contributors to the fund include the government of Rwanda, the United Nations Development Programme, UKAID, the Development Bank of Rwanda among others.

So far, the biggest pledge to the fund was made by DFID with $37.4M.

The fund is expected to be an engine for the next 50 years of green growth in Rwanda, and to serve as a global model in climate change resilience.

During the World Economic Forum in Davos, Switzeland, President Paul Kagame elaborated mechanisms the country has put in place to ensure a green economy.

They include land and water management, terracing and reforestation.

He said the country cannot develop economically, without considering environment protection.

“We are not making a choice between environment and prosperity. We are looking at how to combine both,” he said.

However, President Kagame said Rwanda cannot succeed on an environmental project alone.

“We need to make sure everyone is involved. International cooperation is needed but it begins at home,” he said

The example of Rwanda’s climate change resilience inspired Christine Lagarde, Managing Director of the International Monetary Fund who said gender sensitivity in the matter was the way to go.

“President Kagame has involved women than any other leader in the world,” she said.

By: Jean de la Croix Tabaro 

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Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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