IMF approves Rwf60 billion fund to Rwanda for tackling Climate change

IMF approves Rwf60 billion fund to Rwanda for tackling Climate change

The International Monetary Fund (IMF) has announced that in the middle of December, will allocate $48.5 million, more than Rwf60 billion to Rwanda to support Rwanda’s ambitions in addressing emissions and building resilience in dealing with climate change effects.

The move was announced in Dubai, United Arab Emirates (UAE) during the ongoing 28th United Nations Conference on Climate Change (COP28). The fund is addition to $319 million that the IMF had allocated to Rwanda at the end of last year, for enabling the country combat with climate change emergency and stop the epidemics.

The fund is in alignment with the cooperation in financing projects to deal with climate change as agreed in the Paris Conference on International Development Agreements in June 22 and 23, 2023.

“We are proud to continue working with Rwanda and the International Community as a whole, in supporting leadership and new initiatives that are resilient to climate change. Rwanda’s program of cooperation in supporting projects that deal with climate change is proof of how we can change the nature of international activities and finance used to deal with climate change.” The management of IMF said.

The initiative got sponsorship from the French Agency for International Development (AFD), the European Union (EU), the European Investment Bank (EIB), the International Finance Corporation (IFC), The German Agency for International Cooperation (KfW) and the Italian Agency for International Cooperation through the Development Bank known as Depositi e Prestiti (CDP).

It is coming to complement other existing cooperations that Rwanda has with other countries, including Germany and international organs such as the World bank.

The cooperation also helps governments and their respective private sectors to keep the unwavering support in taking into consideration the impact of climate change on the globe.

Through the IMF’s Resilience Building and Sustainable Development Facility (RSF), further funding will be provided upon the approvals by the IMF’s Executive Board.

IMF is also interested in mobilizing the finance to Rwanda given that the country has demonstrated willingness and dedication toward tackling climate change through engaging its private sector for revising together the implications and establishing reforms to decelerate climate change hazards.

The reforms have been made in order to build an economy that is immune to the effects that could result from unprecedented weather change, which is in line with Rwanda’s goals of setting guidelines to deal with climate change.

THE RWANDA SUN

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Johnson NDEKEZI

Johnson NDEKEZI is a Journalist covering all topics in the Entertainment World as well as Political and current Affairs.

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