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Rwanda’s tech hub Kigali Innovation City (KIC) is set to take shape following a deal that will see the KIC project receive financing from Africa50. Following the signing of a deal between Rwanda and Africa50, Africa50 will finance and develop the “Digital Innovation Precinct”, including commercial and retail complexes, as part of KIC.

Africa50 is a pan-African infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects.

The announcement was made at a signing ceremony organized by Africa50 during the Africa Investment Forum in Johannesburg last Wednesday.

Africa50 will employ its expertise in project development, financial structuring, and infrastructure development while working alongside the Rwanda Development Board and other partners during the development phase.

Kigali Innovation City is a flagship pan-African project which is to be set on 70-hectares piece of land in Kigali, and is valued at approximately $2 billion. Once complete the tech city is expected to host international universities, technology companies, biotech firms, and commercial and retail centres.

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The project is a key component of the government’s Vision 2020 development program, which aims to position KIC as a centre of attraction for global tech companies with a view of making Rwanda a knowledge-based economy.

The Prime Minister of the Republic of Rwanda, Honorable Edouard Ngirente said, “Kigali Innovation City will be an Africa-focused innovation hub and a holistic ecosystem of technology clusters. This innovative effort is the first of its kind in the continent. It will have Pan-African development impact both in terms of economic and human capital. Considerable amount of work has been done in collaboration with Rwanda Development Board, Africa50 and other partners. The full success of this project requires concerted efforts to mobilize more private investors.”