The recognition by Environmental Finance follows BRD's inaugural Rwf30 billion bond issue in September 2023, in partnership with the World Bank. The bond which was listed on the Rwanda Stock Exchange was issued in a bid to mobilise private capital and to diversify its funding sources, which aligns with Rwanda's sustainable development goals.
The Development Bank of Rwanda's inaugural bond's structure was support by three Key Performance Indicators which include increasing environmental, social and governance compliance in the financial sector, increasing loans to women-led SMEs from 15% to 30% of BRD's portfolio, and financing affordable housing by 2028.
Speaking at the launch of BRD's inaugural bond in September 2023, CEO Kampeta Sayinzoga pointed out that by issuing the first ever bond, BRD is effectively diversifying its source of development finance by tapping into the local capital market for the first time which will ensure that BRD is no longer solely reliant on international credit lines thereby further sophisticating its resource mobilization efforts.
We are also happy to report that the proceedings of Sustainability Linked Bond are currently being utilized as intended. As of January 2024, it was confirmed that Rw15 billion of the Rwf 30 billion would be allocated to Kigali bus operators in a bid to curb the challenges being faced by Kigali's public transportation system.
The Environmental Finance Sustainable Debt Awards celebrate the leading green, social, sustainable, and sustainability-linked bond and loan deals and recognize market innovations. The Awards also seek to recognize those that excel, innovate, and contribute to the successful development of the market.
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