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Rwanda Climate Finance Partnership Powers Innovative Climate Action

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Climate Finance

The Rwanda Climate Finance Partnership aims to facilitate public-private partnerships to scale-up climate finance and has been made possible by the country’s Resilience and Sustainability Facility (RSF) arrangement with the International Monetary Fund

DUBAI, United Arab Emirates, December 4, 2023/APO Group/ — 

The Rwanda Climate Finance Partnership, which was launched at the Paris Summit for a New Global Financing Pact, will further power innovative climate action thanks to additional contributions from the Government of Rwanda. The partnership is supported by Agence Française de Développement (AFD), the European Union and Team Europe, the European Investment Bank (EIB) (EIB.org), the International Finance Corporation (IFC), German Cooperation via KfW Development Bank, and the Italian Cooperation system with the support of Cassa Depositi e Prestiti (CDP); and it complements existing partnerships, including the Rwandan-German Climate and Development Partnership and ongoing initiatives with the World Bank. The formal announcement was made on the sidelines of the COP28 UN Climate Change Conference in Dubai, UAE. 

The Rwanda Climate Finance Partnership aims to facilitate public-private partnerships to scale-up climate finance and has been made possible by the country’s Resilience and Sustainability Facility (RSF) arrangement (https://apo-opa.co/4a1TvoD) with the International Monetary Fund. It is expected that the IMF will disburse an additional USD 48.5 million in budget support following the approval of Rwanda’s second review of the RSF arrangement by the IMF Executive Board in mid-December. To further demonstrate commitment to its RSF-supported climate agenda, the Government of Rwanda also announced two additional reform measures supported by the RSF, related to: (i) enhanced risk analysis of State-Owned Enterprises and Public-Private Partnerships that are vulnerable to climate change, and (ii) adopting a green taxonomy adapted to Rwanda’s NDC climate action plan.

The following partnership milestones were also shared at the COP28 side event today: The Government of Rwanda, through the Ministry of Finance and Economic Planning, will contribute USD 40 million to support Ireme Invest, the country’s private sector green investment facility.

The EIB and the Development Bank of Rwanda have signed a EUR 20 million loan and a technical assistance agreement to support Rwanda’s green transition through Ireme Invest

  • The EIB and the Development Bank of Rwanda have signed a EUR 20 million loan and a technical assistance agreement to support Rwanda’s green transition through Ireme Invest. The loan is the first tranche of an expected EUR 100 million financing package announced at the Paris Summit. The technical assistance will be provided under the EIB Greening Financial Systems programme, supporting the NDC Partnership and backed by the International Climate Initiative Fund and German Federal Ministry of Economic Affairs and Climate Action. At COP28 the EIB is also outlining a new EUR 100 million agricultural climate finance partnership with Bank of Kigali to support smallholders and agri-business across Rwanda impacted by climate change.
  • AFD and Rwanda Development Bank have signed a EUR 20 million credit facility and a EUR 1 million technical assistance grant to scale up Ireme Invest. The first investments under the facility have already been undertaken in several sectors: green buildings and renewable energy. AFD has also signed a budget support of EUR 50 million and EUR 3 million technical assistance grant, announced at the Paris Summit, to advance green public financial management in Rwanda. AFD signed a memorandum of understanding with Bank of Kigali, whereby they agree to strengthen their cooperation in the area of climate finance and working on a climate line of credit of EUR 20 million with a technical assistance grant of EUR 1 million.
  • The Danish International Development Agency and the Rwanda Green Fund have signed a grant agreement of USD 5.27 million to support the Project Preparation Facility of Ireme Invest, which is powered by the Rwanda Green Fund.
  • CDP, Italy’s Financial Institution for International Development Cooperation, is advancing its partnership with the Government of Rwanda to provide financial support to green transition in the country, in the context of an overall strategy to scale up financial flows towards sustainable development and to counter climate change in Africa.

The Rwanda Climate Finance Partnership is a key pillar of Rwanda’s efforts to fund its ambitious NDC Climate Action Plan, and complements a number of existing public and private sector focused initiatives to enable Rwanda to respond to climate change:

  • Programmatic approach for Rwanda’s NDC investments: Three programmatic investment plans on: (i) Climate-Smart Agriculture (CSA), (ii) Sustainable Urbanization, with lead support of German Technical Cooperation (GIZ), and (iii) Sustainable Landscape Management (SLM), with the support from the World Bank, are currently under preparation. Additionally, the IFC will support the Government of Rwanda through the Rwanda Green Fund, to develop long-term investment plans for climate smart agriculture and sustainable urbanization, specifically focusing on increasing the role of the private sector in greening Rwanda’s economy.
  • Green Taxonomy: The Government of Rwanda announced the first phase of its green taxonomy to help catalyze private financing to green projects. Once finalized, the taxonomy will provide clear signals on which projects and activities are aligned with Rwanda’s climate goals. It will help direct private financial flows to the financing of those activities. The initiative is supported by Germany through GIZ, and it is strongly interlinked with Ireme Invest and the Boosting Green Finance, Investment and Trade (GreenFIT) partnership with the World Bank.
  • Rwanda’s NDC Facility, known as Intego, has developed a rich and promising pipeline of public climate adaptation and mitigation projects since its launch at COP27. The facility was capitalized by Germany through KfW with seed funding of EUR 46 million as part of the EUR 222 million Rwandan-German Climate and Development Partnership. The first call for proposals shows that financing needs and availability of project concepts go far beyond the seed funding and the Government of Rwanda is inviting development partners to join the initiative. Intego shall become a best practice example on how to facilitate access to public finance and to pool funding from various sources for climate projects.
  • Boosting Green Finance, Investment and Trade (GreenFIT): The World Bank has also partnered with the Government of Rwanda in the design of a new development policy operation (DPO) that encompasses a set of reforms to increase private sector participation in the Rwandan economy and improve resource mobilisation for climate resilience, with a value of USD 250 million over two years. Germany through KfW Development Bank has joined this effort and contributed not only to the provision of hands-on Technical Assistance for the design and implementation of the DPO’s actions, and is considering a financial contribution to the overall funding of the operation for the second year of the DPO.
  • The EU, as part of the Global Gateway initiative, is also providing budget support for an overall amount of EUR 59 million in grants, including EUR 6.5 million technical assistance, in support of Rwanda’s NDC targets with a specific focus on adaptation in agriculture, in addition to backing the EUR 20 million EIB financing to the Rwanda Development Bank and the Bank of Kigali EIB loan.
  • Finally, the Development Bank of Rwanda recently closed a RWF 30 billion (USD 24.8 million) sustainability-linked bond issuance, which was partially credit-enhanced via a World Bank lending operation, representing the first such issuance by a national development bank in the world.

The Rwanda Climate Finance Partnership, Rwandan-German Climate and Development Partnership, and ongoing initiatives with the World Bank and other partners, such as the United Kingdom, Denmark, and Sweden, demonstrate the power of collaboration to reshape the global climate finance architecture, including by moving beyond small-scale projects to significant long-term investments that leverage existing mechanisms to facilitate public-private partnerships and attract private sector investments.

Distributed by APO Group on behalf of European Investment Bank (EIB).

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African Energy Chamber (AEC) Champions Smart Policy, Strategic Partnerships to Advance Namibia’s Oil & Gas Discoveries

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April 25, 2025

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African Energy Chamber

The African Energy Chamber is a strategic partner of the Namibia International Energy Conference, which kicked off today in Windhoek

WINDHOEK, Namibia, April 24, 2025/APO Group/ –As a strategic partner of the Namibia International Energy Conference (NIEC), the African Energy Chamber (AEC) (www.EnergyChamber.org) is calling for a deliberate and accelerated approach to moving Namibia’s recent oil and gas discoveries into production – emphasizing the importance of speed, investor confidence and strategic collaboration.

Speaking during a high-level panel at NIEC 2025, AEC Executive Chairman NJ Ayuk urged Namibia to seize the momentum of its frontier discoveries, while avoiding the pitfalls that have stalled progress in other hydrocarbon-rich African nations. He emphasized that Namibia’s path to becoming a regional energy hub hinges on its ability to learn from international case studies and execute deals that ensure long-term national benefit.

“Namibia needs to move fast, produce quickly and negotiate the best deals with its partners to ensure the rapid development of its oil discoveries,” Ayuk stated. He pointed to Guyana as a prime example, noting how the South American country developed a robust strategy focused on national benefit and successfully attracted billions in investments to fast-track its energy projects.

Namibia needs to move fast, produce quickly and negotiate the best deals with its partners to ensure the rapid development of its oil discoveries

In contrast, Ayuk cautioned against the delays experienced by countries like Mozambique, Tanzania, Uganda and South Africa, where production was significantly postponed, leading to rising project costs and lost opportunities. “There is a growing movement trying to discourage Africa – and Namibia – from producing its oil and gas. We must resist that,” he added.

Reinforcing the need for investor-friendly terms, Justin Cochrane, Africa Upstream Regional Research Director at S&P Global Commodity Insights, highlighted the necessity of contract stability, transparent data-sharing and a balanced approach to fiscal negotiations. “It’s natural that Namibia wants to maximize its benefits, but pushing too hard on IOCs can result in getting 100% of nothing… The first milestone must be achieving first oil,” said Cochrane.

Representing Namibia’s national oil company, Victoria Sibeya, Interim Managing Director of NAMCOR, stressed that the company is actively engaged in every phase of the industry, from data acquisition and exploration to shaping the downstream and midstream vision. “We are not just bystanders,” said Sibeya. “NAMCOR is deeply involved in data acquisition, exploration and the exchange of knowledge and technology with our partners. We are also preparing to invest in downstream and midstream sectors to ensure that we can add value once production begins.”

Echoing the call for local development, Adriano Bastos, Head of Upstream at Galp, underscored the need for early and continuous skills development – proposing that Namibians be trained abroad in specialized areas like FPSO operations to ensure they are prepared to lead once production begins at home. “Namibia has capabilities that are rare in the region, but more collaboration with international partners is essential to build the local skills base,” he said.

Bastos noted that Namibians make up 25% of Galp’s workforce in the country, including its first female offshore base manager. “We are proud of the strides we have made. Our nationalization plans are aggressive, and we work closely with [the Namibian Ports Authority] and other local entities to implement meaningful capacity-building projects.”

As Namibia stands on the cusp of transforming exploration success into production, the message from industry leaders is clear: time, trust and talent will determine the country’s trajectory. Through cross-border collaboration, pragmatic deal-making and a strong national vision, Namibia can emerge not just as an oil producer – but as a continental model for inclusive, forward-thinking energy development.

Distributed by APO Group on behalf of African Energy Chamber

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Adeeb Y. Al Aama Appointed as Chief Executive Officer of the International Islamic Trade Finance Corporation

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April 25, 2025

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Adeeb Y. Al Aama

Appointment Marks a New Chapter for ITFC’s Mission to Drive Sustainable Trade and Development Across OIC Member Countries

JEDDAH, Saudi Arabia, April 24, 2025/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), the trade finance arm of the Islamic Development Bank (IsDB) Group, is pleased to announce the appointment of Engineer Adeeb Y. Al Aama as Chief Executive Officer (CEO) ITFC, effective April 20, 2025.

It is a great honor to assume leadership of ITFC as we embark on the next chapter of our growth journey

The appointment was approved by the ITFC Board of Directors, following the recommendation of H.E. Dr. Muhammad Al Jasser, Chairman of the ITFC Board and President of the IsDB Group.

Upon his appointment, Eng. Al Aama stated: “It is a great honor to assume leadership of ITFC as we embark on the next chapter of our growth journey. Building on the solid foundations laid over the years, I am committed to advancing ITFC’s mission of empowering our member countries through innovative trade financing and development solutions. Together with the dedication of our talented team and the steadfast support of our partners, I am confident that we will drive greater impact, foster strategic partnerships, and contribute to sustainable and inclusive economic growth across our member countries.” 

Eng. Al Aama brings over three decades of leadership experience spanning international organizations, multinational corporations and government institutions. He has extensive experience in international trade, energy markets, strategic planning, and economics among others. His distinguished career includes serving as Saudi Arabia’s Governor for OPEC and Deputy Minister of Energy for Kingdom Affairs in OPEC and Global Oil Markets, where he played a pivotal role in shaping energy policies and strengthening economic cooperation.

Throughout his distinguished career, he has advised three Saudi Energy Ministers and held executive roles at Saudi Aramco and Saudi Petroleum Overseas Ltd., driving international trade partnerships and strategic initiatives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC)

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Cross Switch Solidifies Market Position with New Payment Licence in South Africa

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5 hours ago

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April 25, 2025

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Cross Switch

The company strives to realise its vision of delivering modern payment solutions that meet the varied needs of merchants and non-profits

CAPE TOWN, South Africa, April 24, 2025/APO Group/ –Cross Switch (www.Cross-Switch.com), a leading provider of innovative payment solutions, has reached a significant milestone by securing its own Third-Party Payment Processor (TPPP) licence.

The TPPP, issued by the Payments Association of South Africa (PASA) and sponsored by Absa, is a regulatory status that strengthens Cross Switch’s position in the payments ecosystem. This achievement complements Cross Switch’s recent certification as a Visa Payment Facilitator (PayFac).

Cross Switch brings a highly flexible payment platform (https://apo-opa.co/3GA0r1Q) to South Africa, enabling business scalability and growth. The company can now independently onboard merchants, fintechs and charities, substantially enhancing its service offering and announcing itself as an essential player in the South African payments landscape.

By obtaining an all-important TPPP licence, Cross Switch has reinforced its commitment to delivering quality, compliant and flexible payment solutions tailored specifically for South Africa’s private and charitable sectors.

Cross Switch’s entry as a licensed provider brings an adaptable API that allows South African merchants to transact seamlessly on the African continent, including in key markets such as South Africa, Kenya, Morocco and Ivory Coast. For merchants looking to expand into Latin America, Cross Switch also offers Argentina, Brazil, Mexico and Chile — with new countries, both in Africa and in other emerging markets, to be announced very soon!

“This is a vital step in expanding our network and strengthening our presence across the continent,” said Mark Chirnside, CEO of Africa, Cross Switch. “By enabling local merchants with multiple payment options, we’re empowering African businesses with the tools to reach broader markets and unlock growth opportunities.”

By enabling local merchants with multiple payment options, we’re empowering African businesses with the tools to reach broader markets and unlock growth opportunities

Cross Switch now enables South African businesses to confidently target rapid expansion and deeper market penetration through frictionless access to local and international payment methods via its flexible API (CS+). The single API empowers merchants to accept payments across Africa and LATAM, and accept the local payment methods.

Cross Switch’s immediate future in South Africa involves accelerating merchant onboarding. Contracts already signed represent a client base exceeding 1,000 merchants in South Africa. To complement over 1,000 merchants already using CS+ on the Continent.

Securing this licensing is a significant step forward in the Cross Switch journey. The company strives to realise its vision of delivering modern payment solutions that meet the varied needs of merchants and non-profits. The company’s highly flexible payment platform drives financial inclusion and business scalability.

The company is also committed to expanding rapidly, enhancing its payment methods, and integrating advanced reconciliation engines — all underpinned by rigorous fraud prevention and risk management systems.

“Investing in South Africa is a strategic priority for Cross Switch,” said Tim Davis, Group CEO of Cross Switch. “We’re resourcing up locally to ensure we’re ready to meet growing demand, and this licence and certification enable us to deliver world-class payment services that are both agile and scalable.”

Cross Switch invites businesses interested in exploring robust and flexible payment solutions to connect directly at https://apo-opa.co/4jrGOrw to learn how its tailored offerings can support and amplify their operational ambitions.

Distributed by APO Group on behalf of Cross Switch

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