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Rwanda, Team Europe and partners pioneer an additional EUR 300 million financing to crowd in private investment and build climate resilience

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The ground-breaking partnership is part of ongoing efforts by the international community to reshape the global climate finance architecture

PARIS, France, June 23, 2023/APO Group/ — 

Building on the Resilience and Sustainability Facility with the International Monetary Fund, the Government of Rwanda, together with the Agence Française de Développement (AFD), European Investment Bank (EIB) (www.EIB.org), Cassa Depositi e Prestiti (CDP), and the International Finance Corporation (IFC), are announcing a cooperative approach to facilitate public-private partnership, scale-up climate finance and crowd in private climate investment that will mobilise an additional EUR 300 million to build climate resilience in Rwanda.

The new support complements and builds on the USD 319 million in financing accessed by the Government of Rwanda through the Resilience and Sustainability Facility (RSF) arrangement with the International Monetary Fund (IMF).

The ground-breaking partnership, which was unveiled at the Paris Summit for a New Global Financing Pact, is part of ongoing efforts by the international community 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.

Importantly, this collaborative support will bolster Rwanda’s efforts to address the impact of climate change on vulnerable communities and strengthen the catalysing effect of the IMF’s RSF arrangement by attracting additional budget support from partners, initiate a programmatic approach for climate investments, and scale up Ireme Invest – Rwanda’s unique and innovative investment facility dedicated to private sector green investment – that was launched by His Excellency President Paul Kagame in November 2022 at the UN Climate Change Conference (COP27) in Egypt.

A three-pronged approach

International partners will support Rwanda’s efforts to accelerate climate investments through action across three pillars:

  1. Policy reforms to address challenges triggered by climate change
  2. Capacity development initiatives, and
  3. Financing arrangements

Actions in these three areas are expected to strengthen and institutionalise the monitoring and reporting of climate-related spending, integrate climate risks into fiscal planning, improve the sensitivity of public investment management to climate-related issues, strengthen climate-related risk management for financial institutions, and fortify disaster risk reduction and management.

Partners have also committed to support Rwanda’s capacity development initiatives, and help attract and better manage further climate capital. As part of the collaborative approach, partners have committed to consolidate and mobilise the following climate finance resources for Rwanda:

Programmatic budget support for green public financial management

AFD is providing EUR 50 million programmatic budget support accompanied by a EUR 3 million technical assistance grant, with an initial disbursement expected in 2023. This financial contribution will be complementary and additional to the RSF-supported programme’s matrix of reforms, the greening of public investments and procurement as well as strengthening Rwanda’s Measurement, Reporting, and Verification (MRV) framework. The technical assistance will also support the implementation of Rwanda’s sustainable finance roadmap with a view to increase private sector mobilisation in support of climate action.

A new programmatic approach for Nationally Determined Contributions (NDC) investment

With its innovative lens, this partnership will maximise limited public finance to channel private capital into climate-related projects

The International Finance Corporation, in partnership with the Government of Rwanda through the Rwanda Green Fund (FONERWA), will jointly develop long-term investment plans for climate smart agriculture and sustainable urbanisation to increase the role of the private sector in greening Rwanda’s economy.

Scaling up Ireme Invest for private sector investment

Launched at COP27, Ireme Invest is a green investment facility powered by the Rwanda Green Fund (FONERWA) and the Development Bank of Rwanda (BRD), and developed through technical assistance from the World Bank. BRD is currently finalising the identification of a pipeline of private sector projects estimated at EUR 400 million based on a common set of eligibility criteria, governance, and reporting mechanism with its financing contributors for Ireme Invest.

  • The Government of Rwanda will support scaling up of access to green finance for the private sector to further enable BRD to grow its lending portfolio for the private sector at affordable interest rates.
  • The European Investment Bank is expected to provide EUR 100 million supported by the European Union. This support is provided under the Global Gateway strategy: the EU’s positive offer to deliver sustainable and trusted connections with partner countries and build more resilient societies for people and planet.
  • Cassa Depositi e Prestiti – the Italian Development Finance Institution – is discussing with the Government of Rwanda and BRD joint actions to scale up climate finance bridging public and private investments.

To further underpin the creation of private green assets in Rwanda, Ireme Invest private stakeholders will also directly contribute EUR 130 million equivalent in own private equity. The creation of new green private assets also opens the door for future issuances of innovative debt instruments on the local and international markets which will further crowd in private investment.

The coordinated initiative to scale up climate financing, combined with the policy reforms envisaged under the IMF’s RSF arrangement and capacity development support from the IMF will allow Rwanda to better withstand economic shocks and adapt to a changing climate. This unique collaboration between the Government of Rwanda and international partners exemplifies the power of partnerships in tackling pressing global challenges. It sets a precedent for other nations and financial institutions to explore innovative financing mechanisms and join forces in the pursuit of a sustainable and climate-resilient world.

It also adds to the substantial financial and technical support provided by the World Bank (IDA) to support Rwanda’s efforts to enhance its climate resilience and secure its natural assets – especially in vulnerable communities – unlock private investments and promote green finance and trade, as well as financial contributions by the Governments of Germany, the United Kingdom, Sweden and Denmark towards Rwanda’s NDC climate action plan objectives.

Quotes

“The partnership we have announced represents a transformational shift in the provision of climate finance and is a vote of confidence in Rwanda’s long-term climate action strategy. This is an important milestone in our journey to achieve our Nationally Determined Contributions that are estimated at USD 11 billion by 2030. We thank all the partners that have joined this initiative and we will be working together to make it a reality.” – The Right Honourable Prime Minister of Rwanda, Dr. Edouard Ngirente.

“The announcement is a testament of Rwanda’s commitment to sustainability, which has been widely recognised and applauded on the global stage. It also shows how close collaboration among international and domestic partners in the context of strong climate reforms under the RST can amplify climate financing, providing a model for accelerating investment to deliver a greener and more prosperous future around the world.” – Kristalina Georgieva, Managing Director of the International Monetary Fund.

“The agreement with Rwanda illustrates how joining forces in international partnerships is the only way forward in addressing the climate crisis. The European Union and its Member States are the world’s largest provider of public climate finance, and we remain committed to a multilateral approach. Through Global Gateway and together with our allies, we strive to bridge the investment gap and support partner countries, in particular in Africa, to mitigate and adapt to climate change. Our ambition is a green transition that is fair to the most vulnerable.” – Jutta Urpilainen, European Commissioner for International Partnerships.

“The close cooperation between the Government of Rwanda, IMF, international financing partners and the EIB is harnessing the potential of Special Drawing Rights to advance climate action. The strategic use of SDRs will significantly amplify the impact of climate action investments in the country, paving the way for a greener and more prosperous future. This initiative represents the EIB’s strong commitment to combating climate change and supporting sustainable development in Rwanda and beyond.” – Werner Hoyer, President of the European Investment Bank.

“With its innovative lens, this partnership will maximise limited public finance to channel private capital into climate-related projects. IFC will work with the government of Rwanda to develop an investment pipeline to build a resilient, low-carbon economy among the most vulnerable communities, with a focus on sustainable cities and climate-smart agriculture.” – Makhtar Diop, IFC Managing Director.

“In very few years, AFD and actors of the Rwandan financial ecosystem have engaged in a solid cooperation on climate finance on the country’s vision to align its public and private investment flows with its ambitious climate change strategy.” – Remy Rioux, Director General Agence Française de Développement.

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

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Africa Launches the First Pan-African Pact for Insurance Inclusion

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June 23, 2026

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400 decision-makers gathered in Cotonou to accelerate access to insurance and contribute to doubling insurance penetration by 2040

DAKAR, Senegal, June 23, 2026/APO Group/ –Faced with a major paradox representing nearly 19% of the world’s population while accounting for less than 1% of global insurance premiums African insurance stakeholders are mobilizing.

 

From July 6 to 8, 2026, the Federation of African National Insurance Companies (FANAF) will organize the General Assembly on Insurance for All at the Sofitel Hotel in Cotonou, Benin, a major pan-African gathering dedicated to inclusive insurance.

The event will bring together nearly 400 African decision-makers from governments, regulatory and supervisory authorities, insurance and reinsurance companies, financial institutions, development banks, technical and financial partners, as well as professional organizations from across the continent.

The ambition is clear: to foster a shared vision and concrete commitments aimed at accelerating access to insurance for African populations while strengthening the sector’s contribution to the continent’s economic and social development priorities.

The discussions will culminate in the adoption of the Pan-African Pact for Insurance Inclusion and a 2026–2030 Strategic Action Plan, designed to structure collective action around an ambitious objective: contributing to the doubling of insurance penetration across the FANAF region by 2040.

An Economic, Social and Development Imperative

Within the CIMA zone, insurance penetration remains below 1% of GDP, compared to more than 6% globally.

As a result, millions of households, farmers, entrepreneurs, SMEs and informal sector actors remain deprived of essential protection mechanisms against health, climate, economic and social risks.

For FANAF, this reality now constitutes a major development challenge.

Africa cannot build sustainable growth without strengthening protection mechanisms for its populations, businesses and investments

“Africa cannot build sustainable growth without strengthening protection mechanisms for its populations, businesses and investments. The Cotonou General Assembly must mark the starting point of a new continental ambition for African insurance and its role in the continent’s economic transformation,” said Mamadou Koné, President of FANAF.

Beyond Insurance: A Driver of Continental Transformation

For FANAF, insurance is no longer merely a risk coverage mechanism. It is also a strategic lever for economic resilience, savings mobilization, investment security, SME financing, support for climate transitions and the strengthening of financial inclusion.

Through this General Assembly, FANAF seeks to reposition insurance as a key stakeholder in Africa’s economic, social and financial transformation.

A Pact to Accelerate Action

The conclusions of the General Assembly will lead to the adoption of the Pan-African Pact for Insurance Inclusion, a reference framework intended to mobilize governments, regulators, market players, financial institutions and development partners around shared objectives.

The Pact will be accompanied by a 2026–2030 Strategic Action Plan defining priority intervention areas, coordination mechanisms and monitoring arrangements for the commitments undertaken.

A broad mobilization of public, private and financial partners will support its implementation in order to translate commitments into tangible results for African populations and economies.

Cotonou 2026: Building a Shared Vision

Beyond the insurance sector, the General Assembly aims to create an unprecedented platform for dialogue between governments, regulators, investors, financial institutions, technical partners and market actors in order to identify the levers needed to accelerate insurance inclusion across the continent.

Holding this event in Benin reflects the country’s broader economic and financial transformation momentum and illustrates the collective determination of African stakeholders to develop solutions tailored to the continent’s realities.

Through this initiative, FANAF intends to make Cotonou 2026 a defining moment for the future of African insurance and the starting point of a lasting continental mobilization in favor of insurance inclusion.

Distributed by APO Group on behalf of Fédération des Sociétés d’Assurances de Droit National Africaines (FANAF).

 

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Flat6Labs and International Finance Corporation (IFC) Launch StartAlgeria, a Capacity-Building Program Designed to Empower the Organizations Progressing Algeria’s Startup Ecosystem

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June 23, 2026

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StartAlgeria comes at a key moment for Algeria’s entrepreneurship landscape, shifting the focus toward improving how the ESOs operate by providing them with international best practices

ALGIERS, Algeria, June 23, 2026/APO Group/ –Flat6Labs (www.Flat6Labs.com) and IFC in collaboration with the Ministry of Knowledge Economy, Startups and Micro-Enterprises are launching StartAlgeria, a capacity-building program that puts Entrepreneur Support Organizations (ESOs) at the forefront of Algeria’s ecosystem future. The program is designed to equip Algerian ESOs reinforcing pre-seed and seed-stage startups with the expertise, frameworks, and networks needed to contribute to a stronger, more competitive entrepreneurship ecosystem in Algeria and expand into global markets.

 

StartAlgeria comes at a key moment for Algeria’s entrepreneurship landscape, shifting the focus toward improving how the ESOs operate by providing them with international best practices adapted to each organization’s needs, a community-driven approach that focuses on peer learning, and facilitating connections with investors, policymakers, and key stakeholders.

Algeria’s entrepreneurial community is among the most dynamic and vibrant in the region, and the potential is not just real, it is ready to scale

StartAlgeria will pilot a first cohort focusing on incubators in the capital, Algiers. Following a call for application, the selected ESOs will go through a structured program comprising workshops and masterclasses covering key areas such as startup selection, program design and delivery, and investment readiness. In addition to the core program, participating ESOs will benefit from 6months of post-program mentorship, focusing on areas such as fundraising strategy, partnership development, financial sustainability, and program improvement. This sustained engagement’s goal is to provide a lasting impact in how Algerian ESOs operate and what they’re able to offer the startups they champion.

Yehia Houry, CEO of Flat6Labs, shares “Algeria’s startup ecosystem is demonstrating remarkable potential and a rapidly growing level of maturity, driven by an ambitious new generation of founders, increasing institutional support, and a strong national commitment to innovation and entrepreneurship. The opportunity today lies in further empowering entrepreneurship support organizations to match this momentum by strengthening their ability to identify and nurture high-potential startups, deliver impactful and results-driven programs, and create stronger connections between entrepreneurs and sources of capital. With the right support structures in place, Algeria is well positioned to become one of the leading innovation hubs in the region.”

“Algeria’s entrepreneurial community is among the most dynamic and vibrant in the region, and the potential is not just real, it is ready to scale. Through StartAlgeria, we are committed to ensuring that the organizations standing behind founders are equipped with the tools, frameworks, and expertise to take them from early ideas to investment-ready ventures. This program is a direct expression of IFC’s long-term confidence in Algeria’s private sector and in the ecosystem’s capacity to produce the next generation of high-impact companies.” underscored Cemile Hacibeyoglu Ceren, WBG Resident Representative in Algeria.

“The launch of StartAlgeria marks an important step in reinforcing Algeria’s startup support ecosystem. By strengthening the capabilities of Entrepreneur Support Organizations, we are investing in the long-term growth, resilience, and international competitiveness of Algerian startups. This initiative reflects our shared ambition to build a dynamic innovation-driven economy and create new opportunities for entrepreneurs across the country,” said H.E Mr. Noureddine Ouadah, Minister of Knowledge Economy, Startups and Micro-Enterprises.

This IFC program is implemented in partnership with the Government of the Netherlands.

Distributed by APO Group on behalf of Flat6Labs.

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Hong Kong unlocks new opportunities with Central Asia

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June 23, 2026

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HONG KONG SAR – Media OutReach Newswire – 23 June 2026 – Led by Chief Executive of the Hong Kong Special Administrative Region (HKSAR), John Lee, a high-level delegation visit to Kazakhstan and Uzbekistan (May 31 – June 5) is already paying dividends, forging fresh opportunities to deepen ties between Central Asia, Hong Kong and the Chinese Mainland.

The business delegation comprised over 70 representatives from Hong Kong and Mainland enterprises of various sectors.

During the visit, 96 bilateral memoranda of understanding and agreements were reached, including a total of 15 co-operation documents at the government level between Kazakhstan and Uzbekistan respectively.

“The examples of agreements and co-operation are just so abundant that they range from the service sector to heavy industries such as mining and infrastructure development,” Mr Lee said. “I think the sky is the limit.”

The multiple outcomes achieved during the trip demonstrate Hong Kong’s role as a functional platform for the Belt and Road (B&R) Initiative, as the city actively plays its roles as a “super connector” and “super value-adder” to promote broader and deeper co-operation between the two places and establish a hub-to-hub co-operation model.

“Kazakhstan is an important commercial and logistics hub connecting China and Europe. It is also the place where the Belt and Road Initiative was first proposed, and is Hong Kong’s largest trading partner in Central Asia. There are broad prospects for further co-operation,” Mr Lee said, adding that a lot of B&R projects are also being pursued in Uzbekistan.

“For example, Uzbekistan sits in the heart of the corridor of Asia and Europe, so logistical development, railway development, and also how we can complement and supplement each other in cargo handling will be an area for a very wide range of co-operation.”

The Chief Executive also encouraged companies in Central Asia to leverage Hong Kong’s advantages under the “one country, two systems” principle.

“Under this unique principle, Hong Kong has its own economic, social, legal, legislative and judicial systems. We are the only common law jurisdiction in China. We have our own currency, with no capital or foreign exchange controls. We are, as well, a separate customs territory,” Mr Lee said.

Building on the positive outcomes from the delegation’s mission to Central Asia, Mr Lee welcomed the Deputy Prime Minister of Kazakhstan, Kanat Bozumbayev, to Hong Kong (June 10) and they both attended the Alatau City Investment Round Table (June 11).

Speaking at the event, Mr Lee said Hong Kong could contribute to the future success of Kazakhstan’s innovative, high-tech Alatau City in three concrete ways: as a gateway to global capital; a gateway to the Chinese Mainland and the Greater Bay Area; and as a partner in talent and technology.

“We share a development vision with Alatau City and Kazakhstan,” Mr Lee said, “Today, right here, right now, is a golden opportunity to bring our two economies closer together.”

He looked forward to Hong Kong and Kazakhstan achieving complementary advantages and co-ordinated development across different sectors and welcomed enterprises in Kazakhstan to make good use of Hong Kong’s premier financial and innovation and technology platforms, as well as its world-leading professional services, to explore more business opportunities.

 

 

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