Boosting Green Finance, Investment and Trade in Rwanda (WB-P505244)

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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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
Dec 20, 2024
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
Government of Rwanda - Ministry of Trade and Industry; and others
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 255.00 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.
Project Cost (USD)
$ 255.00 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 Jun 1, 2025

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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.

According to the Bank’s website, the objective of this project is to support reforms aimed at creating a level playing field and mobilizing investment, particularly green. The is aligned with the GoR’s vision for transformative growth, targeting the advancement of private sector-led and eco-conscious development as encapsulated in Rwanda’s Vision 2050. This programmatic DPF series is structured around a comprehensive reform agenda that addresses key barriers impeding private sector investment and green growth. entral to this operation is its alignment with the World Bank Group’s Country Partnership Framework (CPF) for Rwanda for FY2021–2026, focusing on mobilizing private capital, enlarging the private sector’s economic footprint, and promoting green growth. This operation is aligned with the goals of the Paris Agreement. This DPF aims to stimulate green, private sector-led growth that is aligned with Rwanda’s priorities for climate mitigation, adaptation, and resilience. The design of this operation gives continuity to the reforms initiated in the first year of the series. It embodies lessons learned from implementing previous DPF operations in Rwanda, particularly from the Human Capital for Inclusive Growth programmatic DPF series. It has the following two pillars: (i) Creating a level playing field; and (ii) Mobilizing investment, particularly green.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

None of the prior actions are expected to have a significant negative environmental impact, and some prior actions are expected to have positive environmental effects.

The overall risk rating for this operation is substantial. Key risks include institutional capacity, technical design, and sector strategies. Institutional capacity risks stem from governance challenges and the complexity of coordinating reforms across multiple ministries, although these are mitigated by the establishment of a cross-ministerial working group and capacity-building support from the World Bank. Environmental and social risks also pose challenges due to potential adverse effects during reform implementation, particularly in sectors involving climate and natural resource management. Strengthened regulatory frameworks and community engagement are in place to mitigate these risks. The technical complexity of reforms, particularly in green finance and investment, adds to the risk, but with strong technical assistance and close monitoring, these risks are considered manageable.

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

IDA Credit: US$ 244.20 million

IDA Shorter Maturity Loan (SML): US$ 10.80 million


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.

World Bank

Albert Sole Canut
Senior Private Sector Specialist

Calvin Zebaze Djiofack
Senior Economist

Borrower/Client/Recipient

Ministry of Finance and Economic Planning
Gerald Mugabe
Head of Department, Development Finance Department
gerald.mugabe@minecofin.gov.rw

Yusuf Murangwa
Minister of Finance and Economic Planning
yusuf.murangwa@minecofin.gov.rw

Innocent Mugabe
Resource Mobilization Officer
innocent.mugabe@minecofin.gov.rw

Tesi Linda Rusagara
Minister of State in Charge of Public Investment and Resource Mobilization
tesi.rusagara@minecofin.gov.rw

Implementing Agencies

Ministry of Trade and Industry (MINICOM)
Antoine Marie Kajangwe
Permanent Secretary
a.kajangwe@minicom.gov.rw

Rwanda Development Board
Delphine Uwase
Chief, Strategy and Compliance Office
delphine.uwase@rdb.rw

Rwanda Inspectorate, Competition, and Consumer Protection Authority (RICA)
Emmanuel Mugabe
Ag. Director of Competition and Consumer Protection Unit
emugabe@rica.gov.rw

ACCESS TO INFORMATION

To submit an information request for project information, you will have to create an account to access the Access to Information request form. You can learn more about this process at: https://www.worldbank.org/en/access-to-information/request-submission

ACCOUNTABILITY MECHANISM OF THE 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. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint

How it works

How it works