Rwanda and the European Investment Bank (EIB) solidified their collaboration on December 19 through a joint declaration, marking a significant alliance aimed at bolstering investments in critical raw material value chains.
The partnership’s key focus revolves around strengthening both technical and financial cooperation to identify strategic investments in the critical raw material sector.
Their objective is to foster job creation, economic growth, and environmentally and socially conscious development within the realm of critical raw materials.
This collaboration represents a milestone for the EIB, the world’s largest international public bank, marking its first agreement of this nature with an African partner.
The joint effort echoes earlier agreements between the European Commission and nations like the Democratic Republic of Congo, Namibia, and Zambia.
During the signing witnessed by Rwandan President Paul Kagame and European Commission President Ursula von der Leyen, Rwanda’s Minister of Finance and Economic Planning, Dr. Uzziel Ndagijimana, stressed the positive impact on Rwanda’s development trajectory.
He highlighted the country’s dedication to sustainable economic growth, expressing anticipation for leveraging this partnership to create jobs, fortify the economy, and ensure responsible utilization of critical raw materials.
Gelsomina Vigliotti, Vice President of the EIB, underscored the agreement’s alignment with the European Union’s Critical Raw Minerals (CRM) Act, emphasizing the necessity to secure access to critical raw materials while adhering to stringent environmental, social, and governance standards.
He noted that this partnership is pivotal for unlocking new investments, fostering employment, and ensuring responsible resource development across Africa and Europe.
This collaboration marks a substantial step towards implementing the European CRM Act, a crucial framework designed to establish a sustainable and resilient raw material value chain.
Vigliotti, during his visit to Rwanda, affirmed the EIB’s support for initiatives such as the African Pharmaceutical Technology Foundation and participated in the inauguration of Africa’s maiden mRNA vaccine production plant, engaging with political and development finance leaders.
Source: Battery Metals Africa