Rwanda Green Fund (FONERWA)

Sector review and viability study of Africa’s first green city project

A great opportunity to get involved in a pioneering regeneration project in a major African region.

About the project

In partnership with a joint venture partner Sweco, Altair were appointed to undertake housing and mortgage market sector analysis and financial modelling for the first green city project in Rwanda by FONERWA, the environmental agency of the Rwandan government. 

Altair were responsible for reviewing the housing and the mortgage sector, as well as identifying housing finance options to raise long term capital to fund affordable housing. Their expertise also positioned them well to assist in preparing the business planning, undertaking the project financial modelling and preparing of an investor prospectus for a green finance bond.

In addition Altair supported the client to set up a new company the Green City Kigali – A community benefit organisation with commercial ethos. The introduction of this company has informed the community benefit company legislation in Rwanda. We are currently working on a range of institutional strengthening measures to develop the capacity of the company.


As a result of the team’s hard work, Altair were able to provide comprehensive analysis of the Rwandan housing sector and mortgage market, suggest feasible housing finance options to raise long term capital to fund affordable housing and complete the financial modelling.

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