Renewable Energy Fund (WB-P160699)

Countries
  • Rwanda
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
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 20, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
MINECOFIN
The holder of the loan, grant, or other investment.
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, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Feb 26, 2019

Disclosed by Bank Feb 1, 2017


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Project 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
  • World Bank (WB)
Contact Information

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.