The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva is currently in Rwanda on a three-day working visit where she has spoken highly of the East African country’s contribution to addressing climate change.Currently, the IMF boss is seeking to deepen climate financing schemes for developing countries in the region through its new Resilience and Sustainability Trust (RST), a report obtained Thursday by APA in Kigali said.
The initiative aims to help low-income and vulnerable middle-income countries build resilience to external shocks and ensure sustainable growth, contributing to their longer-term balance of payments stability.
Georgieva described Rwanda as the first African country to access the IMF’s financing facility to build resilience to climate change.
It said that through the facility that aims at providing long-term low-cost financing to developing countries, Rwanda has secured $319 million to support climate change initiatives.
The total estimated cost for Rwanda’s identified Nationally Determined Contributions mitigation measures through 2030 is estimated at around 5.7 billion USD, and over 5.3 billion USD for adaptation priorities, representing a combined funding requirement of around 11 billion USD.