Rwanda has secured funding to facilitate its efforts in achieving 70% electricity access to the population by 2018. This is a 47% increase from its current 23% access rate.
According to BizNis Africa, earmarked funds for the country’s renewable energy sector will be mobilised through the efforts of the CIF’s (Climate Investment Funds) dedicated fund for Scaling Up Renewable Energy in Low Income Countries Programme (SREP).
The SREP will inject $50 million, which will assist in developing a financially sustainable market for the private sector in Rwanda. The funds are targeted towards developing and expanding the off-grid electricity market.
Robert Nyamvumba, Director of the Energy Division from the Ministry of Infrastructure in Rwanda, commented on the benefits of the endorsement.
“This endorsement will help to unleash the potential of the private sector to provide off-grid energy solutions using renewable energy sources. SREP funding will mean many Rwandans living in rural areas will have access to energy and improve their lives through development activities as well as create an enabling environment for businesses in the communities.”
About 1.5 million Rwandans are expected to benefit.
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