RWANDA: IFC and Proparco commit $35m for green buildings in Kigali

The Kigali Convention Centre will no longer be the main attraction for visitors to the Rwandan capital. In a few months' time, the Inzovu Mall commercial and residential development project will break ground. With a $35 million loan financed by the French Development Agency (AFD) and the World Bank Group, its promoter is placing great emphasis on ecological standards.

In Rwanda, French Development Agency (AFD), via its subsidiary Proparco, has joined forces with the International Finance Corporation (IFC) to finance green buildings. The two development partners are each lending $17.5 million in the Inzovu Mall real estate project led by the French real estate group Duval. The aim is to build retail space, offices and conference rooms.

The building, located in the heart of the capital Kigali, will create 700 local jobs and will be particularly “climate-friendly thanks to the application of sustainable construction methods”, according to the IFC. According to the private sector financing arm of the World Bank Group, the ultimate aim is to obtain Edge (Excellence in Design for Greater Efficiency) certification.

This label is awarded to buildings that take into account the use of local materials and the reduction of energy and water consumption, notably through the installation of solar panels and low-flow taps, among other things. The $35 million loan is fully in line with “the World Bank Group’s 2022 Rwanda Climate and Development Report (CCDR), which highlighted actions to promote sustainable and inclusive development”, explains Amena Arif, IFC Country Director.

In recent years, the Rwandan authorities have been focusing on the development of eco-responsible property projects, whether for housing or commercial purposes. The aim is to encourage climate-friendly urban development. One of the initiatives underway is Green City Kigali. This 620-hectare infrastructure complex incorporates new technologies, electric vehicles, renewable energies and green spaces. The construction site in the suburb of Kinyinya Hill is being co-financed to the tune of $5 billion by the German Development Agency (KfW) and the Green Climate Fund (GCF).