Clifford Chance with Republic of Rwanda on loan financing
Clifford Chance has advised The Republic of Rwanda in its capacity as borrower in relation to a €200,000,000 sustainable commercial loan financing from JP Morgan which benefits from partial credit guarantee support from the African Development Fund (the fund forms part of the African Development Bank (AfDB) Group)).
Clifford Chance team
The Clifford Chance team was led by partner and head of the firm’s sovereign debt practice Deborah Zandstra and senior associate Michael Obiri-Darko, with the support of associate Domenico Cullura and trainee solicitor Ruaidhri Power.
About the transaction
The Republic of Rwanda shall apply amounts received by it under the financing exclusively towards the financing of eligible expenditures and eligible sustainable projects in compliance with its environmental, social, and governance (ESG) framework designed to mobilize financing through the issuance of sovereign social, green or sustainability instruments, including bonds and loans by The Republic of Rwanda incorporating applicable green loan principles and social loan principles published by the Loan Market Association. The ESG framework serves as a comprehensive set of criteria assessing Rwanda’s management of environmental impact, social policies, and governance practices. The financing will be channeled into projects such as the Urban Economic Development Project, Government Funded Modern Irrigation (GFI) and the Sustainable Agriculture Intensification and Food Security Project (SAIP).
Vision 2050
The transaction illustrates The Republic of Rwanda’s commitment to mobilise financial resources for national economic development in line with its Vision 2050 (which sets out a shared vision for “the Rwanda we want” by 2050) and contributes towards the achievement of a carbon neutral and climate resilient economy underpinned by the sustainable use of natural resources and a high quality natural and built environment, to ensure a better Rwanda for future generations.
