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.
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector could grow to $20 bln annually and create 20 mln...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...