Renewable Energy Fund (WB-P160699)

Countries
  • Rwanda
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 20, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
MINECOFIN
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Project Cost (USD)
$ 48.94 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ WB website

Updated in EWS Feb 26, 2019

Disclosed by Bank Feb 1, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The development objective of the Renewable Energy Fund (REF) Project for Rwanda is to increase electricity access in Rwanda through off-grid technologies and facilitate private-sector participation in renewable off-grid electrification. The REF project, funded by the Scaling-up Renewable Energy Program (SREP) Trust Fund, is designed as a financial intermediary loan (FIL) to address these constraints. The project uses existing country systems and promotes private sector investments to ensure sustainability of the approach. The GoR, as the Borrower, will take the currency risk and on lend (for the line of credit and direct financing component) and transfer (for the technical assistance component) the project funds in local currency (Rwanda franc) to Development Bank of Rwanda (BRD), which will administer the REF. The project is structured around two components. Component 1: Line of Credit and Direct Financing for Off-grid Electrification and Component 2: Technical Assistance, Capacity Building, and Project Implementation Support. 1) The first component, line of credit and direct financing for off-grid electrification will set up and operationalize an REF, a local currency line of credit and direct financing facility that will help address access to finance and affordability constraints to accelerate growth of the off-grid electrification market in Rwanda. The REF will provide lines of credit to local financial institutions for sub-loans to households and micro, small, and medium enterprises, as well as direct loans to private companies engaged in off-grid electrification (mini-grid developers and potentially locally registered OSCs).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Borrower/Client/Recipient
MINECOFIN
Ronald Nkusi
Director - External Finance Unit
ronald.nkuzi@minecofin.gov.rw

Implementing Agencies
Development Bank of Rwanda (BRD)
Hector Mutijima
Senior Manager, Energy
brd@brd.rw

ACCOUNTABILITY MECHANISM OF WORLD BANK
The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.

How it works

How it works