Africa50, an infrastructure investor and asset manager in Africa, has reached an agreement with the Rwandan government to build a 61-hectare smart city in Kigali, the country’s capital. The project, known as Kigali Innovation City (KIC), aims to create a hub for technology innovation in Rwanda and across the continent.
Under the agreement, Africa50 will have exclusive rights to develop, operate, and commercialize the smart city project in collaboration with the Rwanda Development Board and the Government of Rwanda. The Arab Bank for Economic Development in Africa will provide financial support for the initial phase of infrastructure construction.
Once completed, KIC will feature a mix of residential, commercial, retail, and educational facilities to cater to both local and international businesses. The smart city will also host four STEM-focused universities, global technology companies, startup incubators, and other key players in the technology sector.
Rwanda’s Minister of Finance and Economic Planning, Uzziel Ndagijimana, expressed excitement about the project, highlighting its importance in the country’s efforts to build a knowledge-based economy. The Minister of ICT and Innovation, Paula Ingabire, emphasized the commitment to creating a thriving innovation ecosystem that will benefit Rwanda and the entire continent.
Africa50’s CEO, Alain Ebobissé, described the signing of the agreement as a significant step towards establishing a transformative tech community that will generate new skills, jobs, and opportunities for the local population. He also highlighted the project’s role in opening up new markets for businesses and supporting Rwanda’s goal of becoming a technology producer.
Francis Gatare, CEO of the Rwanda Development Board, expressed pride in the partnership with Africa50 and the progress made in advancing the Kigali Innovation City project. He emphasized the collective effort to accelerate the project and deliver positive impacts for the region.
Overall, the development of KIC represents a strategic initiative to foster technological innovation, economic growth, and job creation in Rwanda and beyond. The collaboration between Africa50 and the Rwandan government signals a shared vision to build a sustainable and vibrant tech ecosystem that will drive progress and prosperity in the region.