There are more women in green jobs created by Rwanda’s Green Fund (FONERWA) climate financing, according to a report that analyses patterns over the last five years.

This was disclosed at the celebration of the fifth year anniversary of the Rwanda Green Fund at Kigali Convention Centre on Wednesday.

According to the Fund programme manager, Bright Ntare, among the more than 127,000 jobs created, 77,000 are for women, while 50,000 are for men.

The projects restored more than 15,000 hectares of watersheds and water bodies, protected more than 15,000 hectares of land against erosion, and planted trees on more than 32,000 hectares across the country, he said.

In other achievements, 17,000 households now have improved access to off-grid energy, while more than 95,000 people were supported to cope with effects of climate change.

But speaking at the event, the Minister for Environment, Dr Vincent Biruta, warned: "The Green Fund cannot be expected to do everything. It should be complemented by other investment facilities that exist in Rwanda.”

He said that the green growth agenda should be about implementing green projects in a sustainable way.

The minister said that the green fund will continue to work with the private sector as well as civil societies, citing how districts are partnering with civil society groups to implement projects financed by FONERWA.

Hanane Hafraoui, from DFID, said that Rwanda Green Fund has a good track record of working with grassroots organisations but stressed that more can be done to develop innovative finance instruments to achieve greater impact.

"One way to build local capacity is to pair up international civil society organisations with local counterparts when they apply for funds for green investment,” she said.

20% of funds went to private sector

Meanwhile, at least 20 per cent of FONERWA’s financing went to private investors involved in Rwanda’s climate resilient development over the last five years.

FONERWA chief executive, Hubert Ruzibiza, said the fund, which has so far mobilised $100 million and funded 35 projects worth $39 million, has disbursed funds in the form of innovation grants and credit line.

He said the credit line has provided financing at 11.5 per cent interest rate, which is well below market rates.

Ntare, the programme manager, said the more private investors design good projects the more the climate funds going into private sector will increase.

He said that, in March this year, the Fund launched a rolling basis for the credit line to enable the private sector to access funding more easily.  

"Over the next five years, we have to mobilise additional funds as we implement the national strategy for transformation. We have prepared a seven-year investment framework under which we can mobilise additional $500 million from domestic sources such as Finance ministry, NGOs and sponsors to be able to fund more projects,” he said.

Out of the about 1,000 proposals the Fund received, only 35  were funded.

Ntare said that, under a new mechanism, grassroots-based actors with innovative projects who lack financing and awareness about possible funding sources will be targeted for possible funding.

Ntare said implementation of 11 projects they supported was completed while projects are still under implementation.

editorial@newtimes.co.rw

There are more women in green jobs created by Rwanda’s Green Fund (FONERWA) climate financing, according to a report that analyses patterns over the last five years.This was disclosed at the celebration of the fifth year anniversary of the Rwanda Green Fund at Kigali Convention Centre on Wednesday.According to the Fund programme manager, Bright Ntare, among the more than 127,000 jobs created, 77,000 are for women, while 50,000 are for men.The projects restored more than 15,000 hectares of watersheds and water bodies, protected more than 15,000 hectares of land against erosion, and planted trees on more than 32,000 hectares across the country, he said.In other achievements, 17,000 households now have improved access to off-grid energy, while more than 95,000 people were supported to cope with effects of climate change.But speaking at the event, the Minister for Environment, Dr Vincent Biruta, warned: "The Green Fund cannot be expected to do everything. It should be complemented by other investment facilities that exist in Rwanda.”He said that the green growth agenda should be about implementing green projects in a sustainable way.The minister said that the green fund will continue to work with the private sector as well as civil societies, citing how districts are partnering with civil society groups to implement projects financed by FONERWA.Hanane Hafraoui, from DFID, said that Rwanda Green Fund has a good track record of working with grassroots organisations but stressed that more can be done to develop innovative finance instruments to achieve greater impact."One way to build local capacity is to pair up international civil society organisations with local counterparts when they apply for funds for green investment,” she said.20% of funds went to private sectorMeanwhile, at least 20 per cent of FONERWA’s financing went to private investors involved in Rwanda’s climate resilient development over the last five years.FONERWA chief executive, Hubert Ruzibiza, said the fund, which has so far mobilised $100 million and funded 35 projects worth $39 million, has disbursed funds in the form of innovation grants and credit line.He said the credit line has provided financing at 11.5 per cent interest rate, which is well below market rates.Ntare, the programme manager, said the more private investors design good projects the more the climate funds going into private sector will increase.He said that, in March this year, the Fund launched a rolling basis for the credit line to enable the private sector to access funding more easily.  "Over the next five years, we have to mobilise additional funds as we implement the national strategy for transformation. We have prepared a seven-year investment framework under which we can mobilise additional $500 million from domestic sources such as Finance ministry, NGOs and sponsors to be able to fund more projects,” he said.Out of the about 1,000 proposals the Fund received, only 35  were funded.Ntare said that, under a new mechanism, grassroots-based actors with innovative projects who lack financing and awareness about possible funding sources will be targeted for possible funding.Ntare said implementation of 11 projects they supported was completed while projects are still under implementation.editorial@newtimes.co.rw