East African Business Week (Kampala)
Bosco Hitimana
2 November 2008
Kigali — The International Finance Corporation (IFC) is partnering with the Rwanda government to develop the Lake Kivu methane gas project in western Rwanda.
The IFC vice president for Africa, Mr. Thierry Tanoh met President Paul Kagame of Rwanda last week to assure him of the IFC's commitment in the area of infrastructure development in Rwanda.
"The government of Rwanda is an important partner for IFC. President Kagame"s vision for his country's development helps IFC develop an effective program in support of private businesses," Tanoh said.
This comes on heels of the IFC's recently approved US$4 million for development of the Kivu methane gas project through its dedicated project development fund IFC InfraVentures.
Already, the IFC is working on a joint development agreement with other investors to complete the pilot phase of the program in a power project using methane gas from Lake Kivu, estimated to cost US$100million.
The IFC's InfraVentures provides an example of how IFC is using innovative approaches to create more investment opportunities in Rwanda and elsewhere in Africa.
IFC InfraVentures addresses major constraints to private investment in infrastructure projects, including the limited availability of early stage risk capital and experienced professionals dedicated to private infrastructure project development.
It is providing early stage risk capital, feasibility studies, and support on developing financial models and project structures that are commercially viable and able to more rapidly complete financing.
IFC's investment strategy in Rwanda focuses on mobilising funding to key sectors for maximum development impact, including tourism, infrastructure, financial markets, agribusiness, construction and private education.
The organisation provides advisory services to support an improved investment climate, encourage entrepreneurs and increase access to finance through leasing and mortgage finance as well as better credit reporting.
Since its founding, IFC has committed $18.5 million in financing to companies doing business in Rwanda. This year, IFC is providing $10.8 million in new financing.
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