Kigali, 17 December 2021 – Africa50, the pan-African investment platform, Rwanda Development Board (RDB) and the Ministry of ICT and Innovation of Rwanda unveiled the urban masterplan for the development of the Kigali Innovation City (KIC) project, during an official ceremony organized today in Kigali.
The masterplan serves as the blueprint for the 61 hectares KIC site which entails the development and construction of a mixed-use world-class and smart innovation hub, which is aimed at developing cutting-edge solutions to help stimulate economic growth in Rwanda, the region and on a continental basis.
KIC already houses two world-class universities – Carnegie Mellon University Africa and Africa Leadership University. A third university, the University of Rwanda Centre of Biomedical Engineering and e-health, is under construction. The rest of the development will include additional universities, Grade A office spaces, research and development facilities, and start-up business incubators, alongside supporting facilities for retail, hospitality, and accommodation.
In designing KIC, special attention was paid to leveraging the physical infrastructure to foster the connected and collaborative ecosystem KIC and the Government of Rwanda envisions. The masterplan integrates smart solutions for facility management and incorporates green principles into the transportation modes and building design, construction and management. It also allows for adequate green and open spaces to foster collaboration and exchange of ideas within the ecosystem.
KIC is a flagship initiative of the Government of Rwanda which aims to create over 50,000 jobs during the life of the project, generate $150 million in ICT exports and attract over $300 million in foreign direct investment.
The urban masterplan will be implemented in phases in line with the project’s objectives and demand forecast. The implementation of the masterplan will start with the construction of the horizontal infrastructure, such as roads, drainage systems, street lighting, walkways, etc., as well as a mixed-use first building and visitor centre in 2022. This will help catalyze further investments into the project.
Commenting on the occasion of the ceremony, Honorable Paula Ingabire, Minister of ICT and Innovation of Rwanda, who was represented by Yves Iradukunda, Permanent Secretary, ICT and Innovation, said: “Rwanda’s social and economic transformation agenda requires bold investments in innovation and technology. KIC provides both the physical infrastructure and ecosystem as we position Rwanda to become a pan African innovation hub and to grow our knowledge economy.”
The event was also marked by the signing of the shareholders agreement between Africa50 and Rwanda Development Board, which sets out the principles of the partnership to design, finance, construct and operate the KIC project.
Clare Akamanzi, CEO of RDB, who signed the agreement on behalf of the Government, added “We are pleased with the close partnership between Africa50 and Government of Rwanda which has allowed us to accelerate the development of the project and finalize the pre-development activities required to attract additional private sector players to co-develop and co-finance this strategic project with the Government and Africa50.”
Africa50 CEO Alain Ebobissé emphasized “We are very pleased with this significant new milestone which underscores Africa50’s ability to work closely with its country shareholders to develop investment-ready projects. We are proud to be developing this important project alongside the Government of Rwanda. Africa50 will continue to deploy its project development and finance expertise to mobilize private sector funds and structure the financing for the project. KIC resonates with our strategy to fund infrastructure assets that help create meaningful jobs and value addition, stimulate economic opportunities for existing and future generations, with a focus on preserving natural resources, while also generating attractive returns for investors.”
About Africa50
Africa50 is an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable infrastructure projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50 currently has 31 shareholders, comprised of 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.
About Rwanda Development Board
The Rwanda Development Board was set up by bringing together all the government agencies responsible for the entire investor experience under one roof. This includes key agencies responsible for business registration, investment promotion, environmental clearances, privatization and specialist agencies which support the priority sectors of ICT and tourism as well as SMEs and human capacity development in the private sector.
