By Jonathan Mbiriyamveka
Zimbabwe has set up Renewable Energy Fund, a first of its kind through a joint programme to advance the country’s attainment of SDG goals.
The project proposal has been jointly developed by the Government of Zimbabwe, the UN system in Zimbabwe (namely UNESCO as lead, UNWOMEN, UNDP and UNCDF).
In launching the REF programme Monday, UN Resident and Humanitarian Coordinator Mr Edward Kallon, said the aim was to have an ecosystem that gives entrepreneurs including women-owned SMEs every opportunity to invest in Renewable Energy value chain.
“The Fund is expected to unlock over USD 30 Million from the Zimbabwean financial markets, and regional and international development focus entities, the bulk of which would otherwise not typically be directed towards RE financing.
“With the Renewable Energy financing put in place, we want to have an ecosystem that gives entrepreneurs including women-owned SMEs every opportunity to invest in Renewable Energy value chain,” Mr Kallon said.
“From the UN SDG fund, we have made USD 10 million available; Old Mutual Investment Group is committing USD10 Million while the Government through the Infrastructure Development Bank of Zimbabwe (IDBZ) is committing USD ONE Million.
“This will also help attract additional capital from the private sector and Old Mutual as Fund Manager is confident in mobilizing additional resources in order to close the Renewable Fund at $45Milliom.”
The REF will be funding small- and medium-size companies for the deployment of projects with both commercial returns and positive impacts in the communities in the RE value chain.
“And with this, I am honoured to announce that the Zimbabwe UN SDG-F project ‘Catalysing Investment into Renewable Energy for the Acceleration of the Attainment of the Sustainable Development Goals in Zimbabwe’ is ready for implementation. And I look forward to seeing many successful pipeline projects,” he said.
Zimbabwe, like any other country globally, is facing energy shortages, affecting the country’s productivity and general activities.
The Joint Programme will also contribute to NDS1 and the Zimbabwe UN Cooperation Framework commitments of economic development, energy access, climate action, women and youth empowerment, and capacity development in Renewable Energy for productive uses.
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