According to a communique released by African Development Bank Group, Africa50, a pan-African infrastructure investment firm has expressed its readiness to invest $400 million (Rwf348.9 billion) in Kigali Innovation City.
This development is as a result of one 45 deals with a total worth of $32 billion signed during the Africa Investment Forum.
The African Development Bank announced the $400 million cooperation agreement among the top deals signed at the conference, noting that it “will help boost the innovation ecosystem in one of Africa’s top knowledge cities”.
The Kigali Innovation City (KIC) is one of the major projects that Rwanda initiated to drive its ambitions of becoming a knowledge-based economy.
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The project, valued at about $2 billion and located in Kigali’s Special Economic Zone will accommodate world-class universities, technology companies, biotech firms, and commercial and retail real estate on 70 hectares of land.
Paula Ingabire, who is the Rwanda’s ICT and Innovation Minister told The New Times that Africa50 will work on what is known as the Digital Innovation Precinct, the facility that will house all the technology companies in KIC.
Another segment of the Digital Innovation Precinct will be a mix of residential facilities that will accommodate employees working for companies within the ecosystem.
“KIC has been designed as a mixed-use development where people can live and work. We have commercial rental offices, we have apartments and hotels and retail facilities,” Ingabire explained.
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