A new deal that the government has inked with the World Bank, will allow to connect an extra 1.5 million Rwandan homes to electrical energy before the end of 2018.
As part of the Rwanda Renewable Energy Fund Project (REFP), the bank and the Finance Ministry have signed a $50 million (rfw 37 billion) deal to increase access to power in rural areas.
The Rural Electrification Strategy introduced in 2016, will see the REFP providing 445,500 new off-grid connections which will allow about 1.8 million homes to access off-grid electricity by the end of 2018.
The Finance Ministry said the project will support establishing Renewable Energy Fund that will help address economic issues hindering installation and distribution of renewable power in Rwanda.
The fund will be hosted in the Development Bank of Rwanda (BRD) which in turn will allow commercial Banks and competent Savings and Credit cooperatives (SACCOs) to provide loans either to small enterprises or households, for solar systems purpose.
Claver Gatete, the Minister of Finance and Economic planning, said, The objective is to increase electricity access in Rwanda through off-grid technologies and facilitate private-sector participation in renewable off-grid electrification
Yasser El-Gammal, World Bank Country Manager, added, I hope that Renewable Energy Fund becomes a vehicle to crowd-in resources to the off-grid electricity sector, attracting financing from both private sector and development partners.
As part of the Rwanda Renewable Energy Fund Project (REFP), the bank and the Finance Ministry have signed a $50 million (rfw 37 billion) deal to increase access to power in rural areas.
The Rural Electrification Strategy introduced in 2016, will see the REFP providing 445,500 new off-grid connections which will allow about 1.8 million homes to access off-grid electricity by the end of 2018.
The Finance Ministry said the project will support establishing Renewable Energy Fund that will help address economic issues hindering installation and distribution of renewable power in Rwanda.
The fund will be hosted in the Development Bank of Rwanda (BRD) which in turn will allow commercial Banks and competent Savings and Credit cooperatives (SACCOs) to provide loans either to small enterprises or households, for solar systems purpose.
Claver Gatete, the Minister of Finance and Economic planning, said, The objective is to increase electricity access in Rwanda through off-grid technologies and facilitate private-sector participation in renewable off-grid electrification
Yasser El-Gammal, World Bank Country Manager, added, I hope that Renewable Energy Fund becomes a vehicle to crowd-in resources to the off-grid electricity sector, attracting financing from both private sector and development partners.