PRESS RELEASE: Ireme Invest unleashes green potential of Rwanda’s private sector with Rwf 2.7 billion investment in startups, SMEs

June 21, 2024 | Kigali, Rwanda — The Rwanda Green Fund is pleased to announce its first round of investments through Ireme Invest - the country’s green investment facility. Sixteen groundbreaking investments will foster a vibrant circular economy, promote sustainable cities, supercharge smart mobility, and advance climate-smart agriculture. They will also contribute to the country’s ambitious climate action and sustainable development goals. Through the Ireme Invest Project Preparatory Facility, a total of Rwf 2,700,000,000 will be invested in a range of startups, small, medium, and large-scale enterprises working to build a green Rwanda. Investments made through the Circular Economy Programme amount to Rwf 350,000,000, which is being provided as grant funding following a four-month incubation programme. These investments have been made possible thanks to support from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH in Rwanda through the Sustainable Waste and Circular Economy (WCE) project. The successful seven companies address various aspects of the circular economy, from food waste reduction and recycling to bio-waste composting and repurposing discarded batteries. The innovative businesses that will receive funding include: 1000 Hills Products Ltd Aflimba Ltd Kimonyi Women Development Group Ltd Laminar Technologies Oak Investments Ltd SLS Energy Toddle Care Ltd The funding provided through Ireme Invest will enable job creation, promote emissions reduction, and support women-led cooperatives to grow. In addition, investments in the form of grants and recoverable grants for SMEs worth Rwf 2,350,000,000 will be made in nine companies offering solutions with high potential for scalability, financial sustainability, and positive environmental and economic impact across three of Ireme Invest’s investment areas. This has been made possible with support from the Danish International Development Agency (DANIDA) and the UK Foreign, Commonwealth, and Development Office (FCDO). These innovative businesses are: Smart Mobility BasiGo Rwanda Ltd Kabisa Electric Ltd Izi Electric Limited Vuba Vuba Ltd OX Rwanda Sustainable Cities Akagera Aviation UCR Holding Company Limited Water Access Rwanda Climate Smart Agriculture Avocado Oil Industries Limited The sixteen businesses selected for investment underwent a rigorous assessment and due diligence process, and are ready to expand their operations to further contribute to Rwanda’s green growth and climate resilience. The next round of investments through the Ireme Invest Project Preparatory Facility will be announced in the second half of the year, promising even greater progress ahead. About Ireme Invest Ireme Invest supports Rwanda’s private sector to access green finance and increase its contribution to Rwanda’s response to climate change. At its core are two financial instruments: Project Preparatory Facility - hosted at the Rwanda Green Fund and offering grants, recoverable grants, and equity to facilitate the transition from feasibility to bankability. Credit Facility - hosted at the Development Bank of Rwanda, which provides concessional loans and credit guarantees. Learn more at iremeinvest.rw Contact Information For more details, reach out to ireme@greenfund.rw

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PRESS RELEASE: Ireme Invest unleashes green potential of Rwanda’s private sector with Rwf 2.7 billion investment in startups, SMEs