The Governments of Rwanda and Italy have officially signed a €50 million financing agreement to support Rwanda’s National Climate Action Plan.The agreement, facilitated through the Italian Climate Fund and managed by Cassa Depositi e Prestiti (CDP), aims to bolster Rwanda’s climate policy agenda by enhancing its resilience and adaptive capacity to the impact of global warming.This financing initiative is part of the Italian Mattei Plan’s energy security approach towards Africa.The allocated resources will become available upon the successful implementation of a series of policy and institutional reforms.These reforms are designed to integrate climate change mitigation and adaptation strategies into Rwanda’s policy and regulatory framework, essential for achieving national carbon emission reduction targets.Minister of Finance and Economic Planning, Yusuf Murangwa, highlighted the importance of this agreement, stating, “Rwanda has placed climate action at the core of its development agenda, as evidenced by our National Determined Contributions (NDCs). To effectively implement the mitigation and adaptation measures outlined in the NDCs, financial support, capacity building, and technology transfer are essential. The agreement we have signed today will significantly contribute to this endeavor, which is estimated at US$11 billion.”Minister of Environment and Energy Security of Italy, Gilberto Pichetto, explained, “Italy, through the Climate Fund, continues its efforts to create the best conditions for growth on the African continent. With Rwanda, we will invest in planning necessary to address the major climate issues affecting that region.”This financing is part of a broader partnership that includes multilateral and bilateral financing institutions such as the International Monetary Fund (IMF).Within this framework, Rwanda has already secured a Resilience and Sustainability Facility agreement worth an estimated U$319 million with the IMF in 2022.Other partners include the World Bank Group, the European Union (EU), the European Investment Bank (EIB), and other European development financing institutions through the Team Europe Initiative.The agreement represents a significant step towards Rwanda’s ambitious climate goals and underscores the importance of international cooperation in addressing global climate challenges.
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