Terms of Reference

Onboarding of Entrepreneur Support Organization to support Ireme Invest

1. Background and Context

The Rwanda Green Fund is the Government of Rwanda’s primary financing vehicle to support the country’s climate change and green growth ambitions. Established as a national fund dedicated to advancing a climate-resilient and low-carbon economy, the Fund mobilizes, manages, and invests resources to catalyse green growth across Rwanda. It plays a dual role as both a financial mechanism and a technical partner to the Government, private sector, and civil society. Over the years, the Rwanda Green Fund has positioned itself as a leading national climate fund on the continent, channelling domestic and international resources towards projects that advance Rwanda’s sustainable development agenda and create socio-economic opportunities for communities.

In partnership with the Development Bank of Rwanda (BRD), the Rwanda Green Fund established Ireme Invest, a dedicated investment facility to expand the reach and impact of green financing. Ireme Invest serves as a one-stop centre for green investments, working closely with Rwanda’s private sector to accelerate the growth of environmentally sustainable businesses. The facility combines catalytic finance with targeted technical assistance to unlock private sector participation in climate-smart investments and support Rwanda’s commitments under the Paris Agreement and the Sustainable Development Goals.

Ireme Invest deploys a mix of instruments suited to enterprises at different stages: full grants; recoverable grants, collateral support and catalytic equity under the project preparation facility (PPF). Ireme Invest also deploys loans and bank guarantees under the credit facility (CF) for more mature enterprises; and guarantees that help private sector actors secure financing from commercial lenders. Collectively, these instruments address the full investment lifecycle – from ideation to growth and scale.

As the facility scales, there is a growing need to strengthen investment processes, build a robust pipeline of green enterprises and projects, and develop high-quality investment communication tools, including a Green Deal Book and impact video content. This will ensure that capital is deployed efficiently and directed towards the highest-impact opportunities.

This engagement will be established as a framework contract with an indicative duration of eighteen (18) months.

 

2. Objectives of the Assignment

The overall objective of this consultancy is to provide specialized technical assistance to Ireme Invest to:

• Strengthen investment evaluation processes through rigorous technical and financial analysis, due diligence, and high-quality investment memos.
• Build and maintain a prioritized pipeline of green investment opportunities in Rwanda.
• Develop and periodically update an investor-ready Green Deal Book and an accompanying impact documentary-style video.
• Provide ad hoc and recurrent technical and financial reports to support portfolio monitoring and decision-making.

 

3. Scope of Work

The Consulting Firm will provide end-to-end technical support to the Ireme Invest facility, including application evaluation, pipeline development, preparation of the Green Deal Book, and periodic technical and financial reporting. The deliverables shall include the following

• Application evaluations: Applications to be evaluated, each with a full technical and financial review.
• Pipeline opportunities: Identification and documentation of viable green investment opportunities across priority sectors.
• Green Deal Book profiles: Development of detailed project profiles to be included in the initial edition of the Green Deal Book.
• Impact documentary: Production of a documentary-style video featuring a portfolio of investments.

 

4. Detailed Tasks

Task 1: Application Evaluation, Due Diligence and Investment Memo Preparation

The Consulting Firm will:

1. Establish an Evaluation Framework
   • Develop and apply a standardized evaluation framework that assesses applications against:
     • Financial viability: IRR/profitability, cash flow robustness, debt service coverage, capital structure.
     • Technical feasibility: technology readiness, operational capacity, scalability, sector alignment.
     • Climate impact: GHG reduction/avoidance, adaptation benefits, alignment with Rwanda’s NDCs.
     • ESG compliance: environmental safeguards, social inclusion (including gender/youth), governance structures.
     • Development impact: job creation, local value addition, catalytic effect on priority sectors.
2. Conduct Technical and Financial Analysis of Applications

• • Financial Assessments: Conduct thorough financial evaluations of participating businesses, including site visits, financial health assessments, and due diligence to understand their financial stability and growth potential.
  • Cash Flow and Funding Absorption Evaluation: Assess each business’s cash flow capacity and funding absorption capabilities to ensure that they can effectively manage the recoverable grants, and any additional financial support provided.
  • Repayment Schedule Development: Develop tailored repayment schedules for the recoverable grants, based on the individual financial assessments of each business, ensuring repayment timelines and amounts are clear and feasible.
• • Perform in-depth financial analysis, including review of business models, revenue streams, cost structures, financial projections, and sensitivity scenarios.
• • Perform in-depth technical analysis, including assessment of technical feasibility, technology and operational model, implementation readiness and sector-specific standards.
  • Manage the selection process to ensure that all businesses selected are financially viable and aligned with the objectives,

3. Carry Out Due Diligence
   • Undertake desk-based and on-site due diligence for shortlisted applicants, including:
     • Verification of key financial and operational information.
     • Review of legal and regulatory compliance, governance, and key contracts.
     • Identification of key risks and proposed mitigation measures.
4. Prepare Investment Memos
   • For each selected application, prepare an integrated investment memo) that includes at minimum:
     • Executive summary.
     • Detailed technical analysis.
     • Detailed financial analysis.
     • Due diligence findings and risk assessment.
     • ESG and climate impact considerations.
     • Clear recommendation with rationale (including proposed instrument(s), conditions and covenants as relevant).
5. Site Visits
   • The Consulting Firm should plan for and perform site-visit days under the framework.

 

Task 2: Pipeline Preparation

The Consulting Firm will:

• Map existing and potential green investment opportunities across priority sectors (e.g. clean energy, smart mobility, sustainable cities, climate-smart agriculture, waste and circular economy).
• Apply a prioritization framework to identify opportunities with the highest potential for financial viability, climate and development impact, and scalability.
• Conduct consultations with key stakeholders (government, private sector, financial institutions, development partners) to validate opportunities and ensure alignment with national and sectoral priorities.
• Prepare a structured pipeline report comprising:
  • A narrative overview; and
  • A pipeline database (e.g. Excel) containing key quantitative and qualitative fields for each opportunity.

 

Task 3: Green Deal Book Development and Impact Video

The Consulting Firm will:

1. Green Deal Book
   • Define the structure, format and inclusion criteria for the Green Deal Book to ensure clear, concise and comparable information for investors.
   • Develop detailed project profiles for the initial edition, drawing from the validated pipeline.
   • Produce a professionally designed Green Deal Book and deliver both print-ready PDF and fully editable source files.
2. Impact Documentary Video
   • Conceptualize, script and produce a documentary-style impact video (MP4 format, full HD or higher) featuring selected investments or pipeline opportunities.
   • Capture interviews, field footage and relevant visuals that showcase anticipated and, where applicable, achieved climate and development impacts.
   • Ensure the video includes English narration or subtitles.

 

Task 4: Ad Hoc and Recurrent Technical and Financial Reporting

The Consulting Firm will:

• Prepare periodic technical and financial reports, including:
  • Quarterly or semi-annual portfolio summaries (where applicable);
  • Updates on the pipeline status.
  • Thematic or sector briefs, as requested.
• Provide ad hoc briefing notes or short analytical memos on specific investments, sectors or issues upon request,

 

Task 5: Risk Assessment and Knowledge Transfer

• Integrate risk assessment and mitigation into application evaluations, pipeline development and the Green Deal Book, identifying key risks such as information gaps, stakeholder constraints and market dynamics that may affect investment attractiveness.
• Document all methodologies, templates and tools in a practical guidance package to facilitate reuse by Rwanda Green Fund staff.
• Conduct at least one handover and capacity-building workshop for Rwanda Green Fund / Ireme Invest staff on the evaluation framework, pipeline tools and use of the Green Deal Book.

 

Task 6: Institutional or organization support in

1. The firm should provide the services to companies, including:

• Quarterly preparation of fund utilization report
• Budgeting, forecasting, and cash-flow management.
• Setting up or improving accounting systems and internal controls.
• Capability to set up, maintain, and train business owners and staff in financial management, procurement  
• Standardized templates for quarterly and annual reports.
• Compliance with tax, legal, and regulatory obligations relevant to public institutions
• Proper documentation, recordkeeping, and audit trail maintenance.

 

5. Deliverables and Outputs

The Consulting Firm will be expected to produce the following deliverables:

1. Inception Report
   • Detailed methodology updated work plan, evaluation tools, and confirmation of volume assumptions, to be approved by Rwanda Green Fund.
2. Evaluation Framework and Templates
   • Documented evaluation criteria, scoring tools, and standardized investment memo templates.
3. Investment Evaluation Reports and Memos
   • For each application evaluated, a complete set of technical and financial analyses (and an investment memo for selected projects)
4. Pipeline Report and Database
   • Narrative report and an Excel-based pipeline database covering at least 30 opportunities.
5. Green Deal Book
   • Professionally designed, investor-ready publication (≥50 pages), in English, delivered in editable and print-ready formats.
6. Impact Documentary Video
   • A documentary-style video in MP4 format, with English narration or subtitles.
7. Periodic Technical and Financial Reports
   • Quarterly or semi-annual portfolio/pipeline summaries and sector briefs, as agreed.
8. Ad Hoc Briefing Notes
   • Short notes and analyses within the agreed annual cap and timelines.
9. Methodology and Tools Package and Handover Workshop
   • Consolidated documentation of frameworks, templates and tools, and delivery of at least one training/handover workshop.
10. Final Assignment Report (for each major phase/task order)
    • Synthesis of activities undertaken, key results, lessons learned and recommendations.

All deliverables will be subject to at least one round of revisions based on RGF feedback, with the Consulting Firm expected to incorporate agreed changes within 5 business days of receiving comments.

 

6. Duration, Framework Period and Task Orders

• The overall framework contract is expected to run for 18 months from signature.
• The initial implementation phase will cover 2 months, focused on financial and technical evaluation of applications along with preparing investment memos for selected companies
  • Expected deliverables and timelines.
  • Agreed level of effort and budget.
  • Any specific volume parameters or reporting requirements.

 

7. Consulting Firm Qualifications and Team Composition

The assignment requires a highly qualified Consulting Firm with proven expertise in investment evaluation, green/climate finance, private sector development and impact communication.

1. 1. Institutional Experience

The firm should demonstrate:

• At least 5 years of experience in investment evaluation, project finance, bookkeeping , financial management or transaction advisory.
• At least more than 5 years of experience in risk, transaction advisory, strategic planning, and climate finance.
• Proven experience in risk management, debt management and advisory services.
• Proven experience due diligence, asset management and valuation.
• Proven experience in insolvency and business advisory services.
• Proven experience in creditors voluntary arrangement/compromise (CVA), and performance management.
• Ownership of proprietary tools or frameworks such as financial modelling and data collection templates
• Experience in green/climate or impact finance, including support to facilities/funds or financial institutions.
• Prior assignments in Rwanda and/or the region, particularly in investment readiness program for MSMEs, climate finance or private sector advisory.

1. 2. Team Composition

The core team should include at minimum:

• Team Leader / Finance and Investment Expert: responsible for overall coordination, quality assurance and client liaison.
• Technical Specialists (Green Economy / Climate Finance / ESG): sector and climate impact experts.
• Financial Analysts / Modellers: responsible for financial projections and quantitative analysis.
• Research and Analyst Support: for data collection, pipeline mapping and preparation of profiles.
• Communications / Design Support (can be in-house or a partner): for Green Deal Book layout and video production coordination.

At least 50% of the proposed team (by level of effort) should be based in Rwanda, and the firm should demonstrate a clear approach to knowledge transfer to Rwandan institutions.

 

8. Reporting, Supervision and Performance Monitoring

The Consulting Firm will report to the Rwanda Green Fund through the Private Sector Investment Analyst. Regular coordination meetings (at least bi-weekly during intensive phases) will be held.

1. 1. Reporting Requirements

The Consulting Firm will provide:

• Bi-weekly progress updates (max. 2 pages) during active phases.
• Monthly pipeline tracker updates (dashboard or Excel format).
• Quarterly portfolio performance summaries, where applicable.
• Ad hoc briefing notes under Task 4, within agreed limits and response times.
  2. Key Performance Indicators (Indicative)

Performance will be assessed using, inter alia, the following indicators:

• Timely completion and quality of deliverables.
• Percentage of evaluated applications that reach a funding decision within 30 days of the final investment memo.
• Pipeline conversion rates from identified opportunity to advanced preparation or funding.
• Quality and usefulness of the Green Deal Book and impact video (as assessed by RGF and investors).
• Effective use and handover of tools and templates to RGF staff.

 

9. Contractual and Legal Provisions

The framework contract will include, at minimum, clauses covering:

1. Intellectual Property Rights
   • All tools, templates, reports, and multimedia products developed under this assignment will be the property of the Rwanda Green Fund, without prejudice to the Consulting Firm’s pre-existing intellectual property and general-purpose methodologies.
2. Confidentiality and Data Protection
   • The Consulting Firm shall treat all information obtained in the course of the assignment as confidential and shall not disclose it to third parties without prior written consent from Rwanda Green Fund, except as required by law.
3. Liability and Insurance
   • The Consulting Firm shall be responsible for the professional quality of its services and shall maintain adequate professional indemnity and other relevant insurance for the duration of the contract.
4. Conflict of Interest
   • The firm must disclose any potential conflicts of interest and agree to avoid circumstances that could reasonably be perceived as compromising its impartiality.

(Full legal terms will be provided in the draft contract attached to the RFP.)

 

10. Proposal Evaluation

Proposals will be evaluated on both technical and financial grounds, with detailed weightings specified in the RFP. Evaluation will consider:

• Understanding of the assignment and alignment with objectives.
• Soundness of methodology, including evaluation framework and quality standards.
• Relevant experience and expertise of the firm and key staff.
• Approach to local content and knowledge transfer.
• Cost-effectiveness and value for money, including clarity of resource allocation and assumptions regarding volumes and site visits.

 

Deadline for Submission: 04th February 2026 | 17:00 CAT

📧 For submissions and inquiries, contact: info@greenfund.rw

🔗 Full Terms of Reference (TOR) available in the attached document.

 

Apply here