The 61-hectare smart-city will deliver resource-efficient green infrastructure at scale to support universities, technology companies, among others, to create a technology ecosystem for Rwanda and Africa
The flagship project will stimulate $150 million in ICT exports annually and attract over $300 million in foreign direct investment, while creating over 50,000 jobs upon completion
Over 2,600 students are expected to graduate annually from universities resident at KIC, adding to Rwanda’s and Africa’s pool of tech-savvy entrepreneurs
Nairobi - 3 June 2024 - Africa50, the pan-African infrastructure investor and asset manager today signed the Implementation Agreement (IA) with the Rwanda Development Board (RDB) and the Government of Rwanda (GoR) for exclusive rights to develop, operate, and commercialise the 61-hectare Kigali Innovation City (KIC).
The Implementation Agreement (IA) unlocks the next phase of development following the unveiling of the urban masterplan for KIC. The landmark project, once completed, will underpin the creation of a technology ecosystem for Rwanda and Africa by hosting a four world class STEM-focused universities, global technology companies, startup incubators and other technology players.
The agreement was signed in Nairobi during the African Development Bank’s (AfDB) Annual Meetings and demonstrates the ambitions of Africa50, alongside RDB, to leverage its project development, structuring expertise, and convening power to attract new and deep pools of capital to back the transformative project. The Arab Bank for Economic Development in Africa (BADEA) will support the project as a lender for the initial phase of shared infrastructure construction.
The new smart city advances Africa50’s strategy to develop and fund first-of-its-kind infrastructure assets that deliver high impact while generating attractive returns. The smart city is expected to stimulate $150 million in ICT exports annually and attract over $300 million in foreign direct investment.
KIC will host Grade-A residential, commercial, retail, and educational assets for local and international businesses and prominent institutions. The master-planned city will lead to the creation of more than 50,000 jobs, with over 2,600 students graduating from a growing community of world-class education and training institutions promoting digital and Science, Technology, Engineering and Mathematics (STEM) skills, which include Carnegie Mellon University, the Africa Leadership University, and the University of Rwanda Centre of Biomedical Engineering and E-health.
Supported by the GoR’s and in line with its broader transformation vision, KIC will benefit from certain incentives for developers, contractors, businesses within its ecosystem.
