Rwanda: IFC to Boost Methane Gas Extraction

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The New Times (Kigali)

29 July 2008
Posted to the web 29 July 2008

Felly Kimenyi
Kigali

The International Finance Corporation (IFC) is set to work closely with the Rwanda Investment Group (RIG) to help expedite the extraction of Methane gas, for power generation, from Lake Kivu.

This was revealed Monday by Jean Phillippe Prosper, the IFC Director for East and Southern Africa briefly after his meeting with President Paul Kagame at Village Urugwiro.

"I have briefed the president on, among other issues, our engagement in the extraction of Methane gas from Lake Kivu," Prosper told journalists.

The Finance and Economic Planning Minister, James Musoni, said that the venture will result into a generation of up to 100 megawatts of electricity from the rare gas.

Prosper who was appointed to the office a week ago will also on behalf of IFC, an affiliate of the World Bank, sign a Memorandum of Understanding with the Rwanda Housing Bank to finance housing projects which the bank is currently undertaking.

"IFC has also expressed interest in buying 20 percent shares in the bank and we shall look into that in the future. But they (IFC) will initially facilitate the bank's projects by acquisition of a long term loan which will enable them accomplish their projects," said Musoni.

Reacting on the problem of medium income earners who find it difficult to benefit from the services of the bank, Musoni said that this is mainly due to the requisite 30 percent deposit that people are required to have with the bank to qualify as a prospective beneficiary.

"This is still a challenge to us but we are looking at possible means of solving it," said Musoni.

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Other projects into which the IFC is engaged in Rwanda include the promotion of a suitable investment environment in the country especially in the formulation of cross-border transactions through reviewing the regulatory framework.

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