Rwanda and European Investment Bank (EIB) signed a joint declaration to enhance investment in critical raw material value chains, the bank announced on Tuesday.
The agreement is the first critical raw materials agreement between the world’s largest international public bank, EIB, and an African partner.
It aims to strengthen technical and financial cooperation to identify critical raw material sector investment that creates skilled jobs, supports economic development, and ensure environmentally and socially responsible development of critical raw material resources.
With the newly formed partnership, the EIB actively supports the implementation of the European Critical Raw Materials (CRM) Act, a crucial step toward securing an affordable and sustainable supply of critical raw materials.
‘This new partnership represents an important step in line with the CRM Act. It is important to secure access to the critical raw material value chain in accordance with the required Environmental, social, and governance (ESG) standards and without which the green and digital transition is not possible,’ European Investment Bank Vice-President Gelsomina Vigliotti said in the statement.
‘By working together, Africa and Europe can unlock new investment, create new jobs and contribute to the responsible development of essential resources,’ Vigliotti said.
Announced by the European Commission in March 2023 and adopted by the European Parliament in September 2023, the CRM Act sets the stage for a sustainable and resilient raw material value chain.
The bank’s collaboration with Rwanda signifies a collective effort to foster sustainable development, strengthen economic ties, and address the growing global demand for critical raw materials, including base metals, battery materials and rare earths.
