Access to reliable and affordable energy remains a considerable challenge in Rwanda. For Rwanda’s private sector to be competitive, the energy issue must be addressed as it is a crosscutting driver of economic growth. In order to fuel its growth, Rwanda’s target is to substantially increase its energy supply from its current level to 563 MW, and reach universal electrification of Rwanda, for instance 100% of households connected through off-grid and on-grid electrification by 2024.
Our Strategic Plan 2018-2024 targets to invest USD 73.22 million in the Energy sector and catalyze private investment from other stakeholders. Our interventions have been designed to address key constraints in the sector such as high startup costs and risks involved. Energy projects require significant financial investments, and their long-term nature requires specialized financing terms.
Our Impact in 2021
In line with the green economy initiative, the energy efficiency program intervenes by financing energy reduction capital projects, financing alternative energy products, etc. The Bank’s intervention in energy efficiency shall support in promoting higher energy efficient technologies. Rwanda’s current energy supply is dominated by biomass, but as the country’s focus is shifting towards renewable sources of energy, the Bank’s priority is on alternative energy sources of renewable energy like solar, biogas, clean cookstove, etc.
We intend to partner with other stakeholders to develop technical capabilities of the different players in the sector. Our technical assistance program, in partnership with the stakeholders, provides technical skills in early-stage development support, management and operations, and structuring energy deals among others. In-house expertise in packaging energy arrangements have been developed as the Bank’s goal is to be a hub for knowledge in energy financing by sharing lessons learned within the sector.