Under the Ireme Invest credit facility, the Development Bank of Rwanda (BRD) signed its first loan agreement with PREV Rwanda Ltd, a local mobility company that provides electric car leasing to corporate clients.

The agreement, signed on February 20, is part of efforts to supercharge Rwanda’s transition to smart and electric mobility, and represents a significant step forward in the country’s commitment to reduce emissions and achieve carbon neutrality by 2050.

Through the concessional loan, PREV Rwanda Ltd will introduce additional electric vehicles into its fast-growing fleet, contributing to Rwanda’s smart mobility sector and reinforcing the nation’s commitment to a sustainable and climate-resilient future.

During the signing ceremony, Pitchette Kampeta Sayinzoga, Chief Executive Officer of BRD, welcomed the partnership and highlighted the importance of the private sector’s involvement in achieving the government’s goal of carbon neutrality by 2050.

"We are delighted to partner with PREV to advance electric mobility in Rwanda. This collaboration shows BRD’s commitment to support projects that are looking to join the green transition. Partnerships like these enable the private sector to create more green jobs, contribute to Rwanda’s climate action journey, and prioritise sustainability,” she said.

Ireme Invest is a joint initiative of BRD and the Rwanda Green Fund which aims to finance green and climate-resilient projects across various sectors, including smart mobility, clean energy, sustainable cities, climate-smart agriculture, and waste and circular economy.

Under the credit facility, eligible projects can access loans and a credit guarantee with the following terms; a fixed interest rate of 12 per cent (inclusive of all fees), a repayment period of up to 12 years, a potential grace period of up to two years, and the possibility of securing a partial credit guarantee.

Sayinzoga said the initiative has raised more than $100 million and is actively working to secure additional funding.

She encouraged more companies to make the most of the exciting opportunities that Ireme Invest offers, emphasising that the credit facility is open for business.

Donald Kabanda, Chairman of PREV Rwanda Ltd, expressed gratitude for being the first recipient of a loan through Ireme Invest, stating that it provides them with the opportunity to expand their business fleet with an additional eight cars - up from the current 40 cars.

"We are into the e-mobility ecosystem, bringing on board the charging infrastructure. We are establishing a network of chargers, starting from home to office charging infrastructure and extending to the public. With this investment, we are confident that, with your support and the partnership we are beginning today, it’s a milestone that allows us to go further and do as much as we can to grow our businesses,” he said.

Kabanda thanked BRD and the Government of Rwanda for extending the opportunity for private individuals to access such financing, which serves to motivate and encourage private sector involvement in the green space.

He urged other private sector stakeholders to seize the Ireme Invest opportunity and collaborate to bring sustainable solutions to the market.