RFL CEO on Rwanda’s roadmap to attract sustainable finance

Rwanda International Financial Centre has taken a step towards attracting and scaling sustainable finance with the launch of the Rwanda Sustainable Finance Roadmap. In a recent interview with CNBC Africa, Nick Barigye, the CEO of Rwanda Finance Limited, discussed the roadmap and the strategies in place to attract more investors dedicated to sustainable investing. Barigye highlighted some key challenges and gaps within Rwanda's financial sector when it comes to Environmental, Social, and Governance (ESG) investing. He mentioned the limited skills available in the workforce related to ESG investing across various sub-sectors like banking, insurance, and capital markets. Barigye stressed the importance of filling these skill gaps to meet the growing demand for sustainable finance. The second gap identified by Barigye was the need for a stronger focus on ESG investing within the financial sector. He emphasized the necessity to green banking lending, stock markets, and other investment structures to align with sustainable goals. When it comes to achieving their ambitions, Barigye discussed the development of financial instruments to attract private equity and venture capital. He cited the example of Africa and the World Bank setting up a pharmaceutical foundation in Rwanda, enabled by the country's foundation's law. Barigye emphasized the importance of having the right legal and investment instruments in place to attract sustainable finance-focused investors. Barigye also addressed the challenge of ensuring companies buy into sustainable strategies and plans. He emphasized the need to raise awareness about the importance of sustainability across all sectors of the economy. Additionally, Barigye mentioned the significance of building capacity and implementing monitoring and measurement tools to track progress towards sustainability goals. Infrastructure was another key aspect discussed by Barigye in the interview. He stressed the importance of creating an enabling environment through collaborations with institutions like the National Bank of Rwanda and the Ministry of Finance. Barigye emphasized the need for tax incentives and skill development to support the growth of sustainable finance in Rwanda. In conclusion, Barigye's insights shed light on Rwanda's efforts to attract sustainable finance and the strategic steps being taken to bridge the gaps in ESG investing. The Rwanda Sustainable Finance Roadmap sets a clear direction for the country's financial sector to align with global sustainability goals and attract responsible investors.