BRD to finance construction of eco-friendly hostel at Kigali Independent University

On 21 March 2024 at 12:07

The Development Bank of Rwanda and Kigali Independent University on Wednesday, March 20, 2024, signed a loan agreement aimed at facilitating the construction of an eco-friendly accommodation facility for 800 students.

The two institutions revealed that the concessional loan will be offered under the Ireme Credit Facility, a private-sector focused green investment facility powered by Development Bank of Rwanda and the Rwanda Green Facility offering loans at an interest of 12 per cent. The loan is also aimed at supporting Rwanda’s transition to smart and sustainable cities.

The signing ceremony was held at the Kigali Independent University campus and was attended by Kampeta Pitchette Sayinzoga, the Chief Executive Officer (CEO), Development Bank of Rwanda, and Rwigamba Balinda, the Founder and President Kigali Independent University, and representatives from the Rwanda Green Fund and Agence Française de Development.

“We are pleased to partner with Kigali Independent University to advance Rwanda’s climate action agenda. Through the Ireme Invest Credit Facility, we are not only investing in climate-friendly student housing, but also nurturing and equipping the next generation of leaders with the values of sustainability and care for our planet,” said Sayinzoga.

The facility will feature a lounge, recreational room and a dining hall equipped with a modern kitchen. The hostel will also be fitted with LED lights, sensors for water taps and showers, solar water heaters as well as natural ventilation for low energy cooling.

The partners also disclosed that the project had already received the EDGE Advanced Preliminary Certification due to its eco-friendly design. The certification is awarded to real estate projects with a minimum of 40 per cent reduction in energy as well as at least 20 per cent reduction in water use and embodied energy materials at the design phase.

It’s estimated that energy savings of 43.91 per cent, water savings of 39.35 per cent and embodied carbon savings in materials of 38 per cent will be achieved at the conclusion of the project.

“ULK is a future focused higher learning institution and we are proud to partner with BRD and Ireme Invest to build the first ever EDGE certified eco-friendly student accommodation in Rwanda. By building high quality, environment sound facilities, we are investing in the well-being of our students and contributing to Rwanda’s vision to carbon neutral by 2050,” said Prof. Balinda.

According to the partners, the project is set to create at least 325 jobs.