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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.”
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.”
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:
– Interest Rate: 12% (all fees inclusive)
– Tenor: Up to 12 years and a possible grace period of up to two years
– Access to a partial credit guarantee
– Refinancing of existing loans does not apply to this facility.
About the Development Bank of Rwanda PLC
The Development Bank of Rwanda PLC was established 1967, for more than five decades, BRD has been the sole provider of long-term finance and has significantly facilitated the emergence of different productive enterprises.
BRD’s mandate is to ensure that the private sector plays its role in sectors critical to achieving the National Strategy for Transformation (NST) and the Sustainable Development Goals (SDGs) by providing them with affordable, long-term, and customised development finance.
The Bank’s products and services offerings include investment loans, grants, guarantees, trade finance, and advisory services. BRD’s vision is to be an innovative and sustainable provider of development finance for socio-economic impact and its mission is to be a trusted strategic partner for Rwanda’s development that offers affordable financial solutions for enhanced value to our stakeholders.
About PREV Rwanda Ltd
PREV Rwanda Ltd is a pioneering company in the electric vehicle industry established in
2022 and is located in Giporoso, Kicukiro District. PREV provides innovative
transportation solutions and services in Rwanda and is committed to revolutionising the transportation sector with a fleet of electric vehicles and exceptional customer service.
PREV specialises in the sale and leasing of electric vehicles, catering to both national and international customers. Their diverse fleet includes SUVs, MIN-Jeep (small and mid-sized vehicles), saloon cars (sedans) and electric vans.
