(Ecofin Agency) - Rwanda Development Board (RDB), the country’s national investment facilitation body, and the Pan-African Infrastructure Investment Fund50 have decided to create a joint-venture to develop, finance, build and operate the commercial components of the Kigali Innovation City (KIC) project.

On 27 August 2019, the two parties signed a Joint Development Agreement (JDA) to this effect, following the commitment made by the African Development Bank (AfDB) in November 2018 via Africa50 - at the Africa Investment Forum - to invest $400 million in the KIC to stimulate innovation ecosystems on the continent.

KIC is a pan-African innovation hub that will host four international universities, innovative companies focused on agriculture, health care, financial services and supporting infrastructure, including commercial and residential spaces.

According to Paula Ingabire, Rwanda's Minister of ICT and Innovation, the KIC project has set itself the objectives of creating more than 50,000 jobs, generating $150 million in ICT exports per year and attracting more than $300 million in foreign direct investment.

Clare Akamanzi, CEO of RDB, said the partnership with Africa50 is a major step for Rwanda's ICT sector and a step forward in building a knowledge-based digital economy. “KIC will enable investors to develop technologies, prove new concepts and scale in Rwanda,” she said.