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Africa50 & Rwandan Government Sets up JV to Develop Kigali Innovation City

Tech Gist Africa by Tech Gist Africa
08/29/2019
in Africa News, News
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Africa50 partners Rwanda on Joint Venture Investment
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Africa50 and the Rwandan government have collaborated to set up a Joint Venture (JV) to develop, finance, and construct the Kigali Innovation City. The agreement was signed on Tuesday 27th August 2019 by the stakeholders involved in the project execution.

@Africa50Infra & @RDBrwanda will establish a joint venture company to co-develop, finance, construct, & operate the commercial components of Kigali Innovation City #Infrastructure4Dev#InnovationHubs @UrugwiroVillage @RwandaICT @FT @jeune_afrique
More: https://t.co/TU7LREva50 pic.twitter.com/ed5ajyj3ef

— Africa50 (@Africa50Infra) August 28, 2019

Africa50 is an initiative of the African Development Bank (AfDB) and different African governments to finance infrastructure projects in Africa. Africa50 had previously committed to investing in the Kigali Innovation City’s Digital Innovation Precinct (DIP). DIP is an emerging tech hub that features 11 components with investment opportunities valued at about $420 million.


See also: Clean Technology Fund (CTF) Invests $20 Million in AfDB’s Energy Inclusion


According to the agreement, the Rwanda Development Board (RDB) will ensure that the government contributes to land and finance infrastructure such as roads, power and other miscellaneous enablers needed for the project. The CEO of RDB, Clare Akamanzi who signed the agreement on behalf of the government, said they are leveraging Africa50’s expertise to speed up project development while leveraging funds from development finance institutions and private sector investors.

Also, the Rwanda Development Board will facilitate macro and micro enablers, including policy-led tax incentives to aid transactions and promote private sector participation. A component of the Rwanda Innovation Fund, a privately managed $100 million will be used for the development of world-class technologies, attract innovation-driven enterprises and stimulate strategic partnerships for the project.

 

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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