The Rwandan government and the European Investment Bank (EIB) signed a €65 million ($74.9 million) financing agreement on Aug. 5 for the Volcanoes Community Resilience Project (VCRP), which will benefit about 2.3 million people.
The financing will support flood protection infrastructure, watershed restoration and the rehabilitation of degraded landscapes. The project will also strengthen ecosystems and biodiversity across the districts of Burera, Gakenke, Musanze, Nyabihu, Rubavu, Rutsiro, Ngororero and Muhanga.
The initiative addresses a major economic challenge for Rwanda. According to the World Bank, floods cause about $10.1 million in annual losses in the Volcanoes region alone. Soil erosion also causes an estimated $76 million in losses nationwide.
Between 2013 and mid-2023, the eight targeted districts recorded 539 deaths, more than 18,400 damaged homes and 7,740 hectares of destroyed crops, according to KT Press. Natural disasters also caused extensive damage to road infrastructure during the period.
