Rwanda has entered into a significant agreement with Italy, securing Euro 50 million to bolster its climate resilience efforts, the Ministry of Finance and Economic Planning in a statement today.
This financial support, facilitated through the Italian Climate Fund under the Mattei Plan’s Africa-focused energy security strategy, aims to fortify Rwanda’s capacity to combat and adapt to the challenges posed by global warming.
The funding will be disbursed contingent upon Rwanda implementing a series of policy and institutional reforms designed to integrate climate change mitigation and adaptation into its regulatory framework. These reforms are pivotal in achieving Rwanda’s ambitious national targets for reducing carbon emissions.
“Rwanda has prioritized climate action as a cornerstone of its development agenda, as reflected in our National Determined Contributions (NDCs). Effective implementation of these measures requires crucial elements such as financial resources, capacity building, and technology transfer,” stated Yusuf Murangwa, the Minister of Finance and Economic Planning.
The agreement comes as part of Rwanda’s broader efforts to leverage international partnerships and financing mechanisms to bolster its resilience and sustainability initiatives. It builds upon Rwanda’s earlier commitment through the Resilience and Sustainability Facility (RSF), a USD 319 million agreement signed with the International Monetary Fund (IMF) in 2022. This collaborative approach involves multilateral institutions like the World Bank Group, the European Union (EU), the European Investment Bank (EIB), and other European development finance entities under the Team Europe Initiative.
Italy, through its Climate Fund, reaffirms its commitment to fostering conducive conditions for growth in Africa, particularly in Rwanda. “We are investing in strategic planning to address critical climate challenges in the region,” affirmed Gilberto Pichetto, Italy’s Minister of Environment and Energy Security.
This financing agreement not only underscores Rwanda’s proactive stance in tackling climate change but also highlights the growing international collaboration aimed at supporting sustainable development and climate resilience across the continent.
Rwanda’s securing of Euro 50 million from Italy marks a pivotal step towards enhancing its climate resilience efforts. With a focus on policy reforms and institutional capacity building, Rwanda is poised to strengthen its position in combating global warming while advancing its national development goals.
