Ireme Invest supercharges Rwanda’s electric vehicle transition with loan to PREV
The Development Bank of Rwanda has today signed its first loan agreement under the Ireme Invest Credit Facility as part of efforts to supercharge Rwanda’s transition to smart electric mobility.
The agreement was signed with PREV Rwanda Ltd, a pioneering Rwandan electric mobility company that provides electric car leasing to corporate clients. The signing represents a significant step forward in Rwanda’s commitment to reduce emissions and achieve carbon neutrality by 2050.
Through the concessional loan, PREV Rwanda Ltd will introduce additional electric vehicles into its fast-growing fleet, contributing to Rwanda’s smart mobility sector and reinforcing the nation’s commitment to a sustainable and climate-resilient future.
“We are delighted to partner with PREV to advance electric mobility in Rwanda. This collaboration shows BRD’s commitment to support projects that are looking to join the green transition. Partnerships like these enable the private sector to create more green jobs, contribute to Rwanda’s climate action journey and prioritise sustainability. I encourage more companies to make the most of the exciting opportunities that Ireme Invest offers,” said Kampeta Pitchette Sayinzoga, Chief Executive Officer, Development Bank of Rwanda PLC.
At today’s signing ceremony, guests also learned about the broader goals of Ireme Invest, a Government of Rwanda initiative to finance green and climate-resilient projects across various sectors, including smart mobility, clean energy, sustainable cities, climate smart agriculture, and waste and circular economy. Ireme Invest is a joint initiative of the Development Bank of Rwanda and the Rwanda Green Fund.
“This is a huge milestone for PREV and for Rwanda’s green transport ecosystem. Through the Ireme Invest Credit Facility, we are taking a big step forward to realising the country’s vision to be carbon neutral, and this is just the beginning. We encourage other companies to take a leap of faith and partner with Ireme Invest to go and grow green,” said Fred Rutayisire, Managing Director, PREV Rwanda Ltd.
About Ireme Invest
Ireme Invest is an initiative by the Government of Rwanda to address local market gaps in the financing of green and climate-resilient projects. It takes a holistic and value-chain approach to address the existing roadblocks in access to finance through a Project Preparatory Facility managed by the Rwanda Green Fund and a Credit Facility managed by the Development Bank of Rwanda (BRD).
Through the Credit Facility, eligible projects can benefit from loans and a credit guarantee under the following terms:
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- Interest Rate: 12% (all fees inclusive)
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- Tenor: Up to 12 years and a possible grace period of up to two years
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- Access to a partial credit guarantee
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- Refinancing of existing loans does not apply to this facility
Learn more about Ireme Invest here and apply for funding from the Credit Facility here.
Loan Signing Ceremony Photos
