The permanent secretary in the ministry of natural resources,
"We are pleased to partner with BRD that has a tremendous experience and management expertise to extensively identify projects that respect the overall mandate of the fund [green economic growth], which is in line with the EDPRS II objectives," said Ms. Kayonga.
The chief executive officer of BRD, Alex Kanyankole, emphasized that BRD will now start to comprehensively finance climate change interventions that support the country's national development agenda.
"This loan agreement will strengthen and expand the bank's short, medium, and long term financing capacity to short, medium, and long term financing capacity to projects initiated and undertaken by private business communities that focus on clean technology, environmental sustainability, climate resiliency, and green investments," said Kanyankole.
While Fonerwa's Frw 4 billion loan represents 70% of the fund, BRD committed to add an additional Frw 1.7 billion to make up a total revolving line of credit of Frw 5.7 billion that will be utilized in financing green energy projects.
The projects to be jointly identified by Fonerwa and BRD will be financed with attractive interest rates not exceeding 11.45% per annum.
The Fonerwa loan is in line with its mandate provided in the law of 2012 establishing the fund, which is to program, fund, and monitor environment and climate change projects.
Most Popular Stories
- Desktop, Laptop Setups Still King
- Four DC Comics Properties Brought to TV Get Comic-Con Event
- UFC Fight Night Sees Robbie Lawler Win Unanimous Decision
- Plan to Simplify 2015 Health Renewals May Backfire
- 'Guardians of the Galaxy ' Sequel Slated for 2017
- Shania Twain's Vegas residency ending after 110 shows
- Pending Home Sales Slipped in June
- Nissan Profits Rise on Growth in U.S., China