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

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.

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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