Pan-African infrastructure investor and asset manager Africa50 he’s got signed an agreement with the Rwandan government developing a 61-hectare smart city in the country’s capital.
Details
Africa50 said it has signed an implementation agreement with the Rwanda Development Board and the Government of Rwanda for exclusive rights to develop, operate and commercially exploit the Kigali Innovation City (KIC) work.
The Arab Bank for Economic Development in Africa will support the project as a lender for the initial phase of joint infrastructure construction.
Digging deeper
The master plan, once completed, will accommodate residential, commercial, retail and educational assets for local and international businesses and institutions. KIC will act as a technology innovation hub for Rwanda and Africa by hosting four STEM-focused universities, global technology companies, startup incubators and other technology actors.
By The Numbers
The Rwanda Smart City Project is expected to brings in $150 million in ICT exports annually, attract more $300 million in foreign direct investmentand create more than 50,000 jobs upon completion.
The educational institutions like Carnegie Mellon University Africa and Africa Leadership University will be part of this ecosystem, contributing to a pool of tech-savvy entrepreneurs and professionals.
What they say
Uzziel NdagijimanaRwanda’s Minister of Finance and Economic Planning, said:This milestone is exciting as it is one of the flagship projects in Rwanda and part of our strategy and ambition to build a knowledge-based economy. We will move quickly to implement and execute the agreed roadmap, with the full support of the Government of Rwanda.”
Paula IngabireRwanda’s Minister of ICT and Innovation, said:We are delighted with the partnership and are committed to developing a thriving innovation ecosystem for Rwanda and the continent that will support the growth of local, pan-African and international technology companies.”
Alain Ebobisse, The CEO of Africa50 said:This signing is a pivotal moment for KIC’s growth, bringing us closer to delivering a transformative tech community in Africa that delivers new skills and jobs and positively changes lives.”
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