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Rwanda first in Africa to partner with EIB to unlock critical raw materials investment
Rwanda is the first country in Africa to partner with the European Investment Bank (EIB) to unlock critical raw materials investment, thus supporting the implementation of the European Critical Raw Materials Act, a crucial step toward securing an affordable and sustainable supply of critical raw materials.
This Act, announced by the European Commission in March 2023 and adopted by the European Parliament in September 2023, sets the stage for a sustainable and resilient raw material value chain.
Vice-President Gelsomina Vigliotti highlighted that “This new partnership represents an important step in line with the CRM Act. It is important to secure access to the critical raw material value chain in accordance with the required ESG standards and without which the green and digital transition is not possible. By working together, Africa and Europe can unlock new investment, create new jobs and contribute to the responsible development of essential resources.”
Following today’s agreement, EIB Global technical and financing teams will increase cooperation with critical raw material partners to explore new investment opportunities and increase access to finance for environmentally sound projects that contribute to the sustainable long-term economic development.
The collaboration signifies a collective effort to foster sustainable development, strengthen economic ties, and address the growing global demand for critical raw materials, including base metals, battery materials and rare earths.
Dr Uzziel Ndagijimana, Minister of Finance and Economic Planning emphasized the positive impact on the nation’s development, stating, “This Joint Declaration with the European Investment Bank aligns with Rwanda’s commitment to sustainable economic development. We look forward to leveraging this exciting new partnership to create skilled jobs, support our economy, and ensure the responsible utilization of critical raw materials.”
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