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- The new smart city fosters innovation for digital-first businesses targeting fast-growth
- KIC complements Rwanda’s Startup Act as the country becomes a global hub for entrepreneurship, education, business and workers relocating to Africa
Kigali—11 September 2024 — The Government of Rwanda, Africa50, and the Arab Bank for Economic Development in Africa (BADEA), have officially broken ground on the construction of the pioneering smart city project. Dignitaries, policymakers, institutional investors, private investors, multinational corporations, and project developers convened at a ceremony on Tuesday 10 September to mark the start of construction of the 61-hectare smart city development.
KIC strengthens Rwanda’s global standing as an emerging digital hub dedicated to fostering the growth of digital entrepreneurs, businesses, students, and professionals who are relocating to the country, thereby enhancing productivity in industries that are not reliant on natural resources. The facility will accommodate top-tier universities, world-class universities, startup incubators, and accelerators across disruptive and data-backed sectors, such as robotics, artificial intelligence, machine learning, and more.
The KIC impact leverages the growth of the digital sector and is projected to reach a value of $2 billion when completed, generate $150 million in ICT exports annually and attract over $300 million in foreign direct investment (FDI). KIC is a testament to digitalisation – an enabler of economic diversification and productivity. The digital sector has been the fastest growing sector in Sub-Saharan Africa (SSA), including South Africa, Kenya and Nigeria, where the digital sector has overtaken the manufacturing sector’s contribution to GDP.
Delivering the keynote address, Rt. Hon. Édouard Ngirente, Prime Minister of Rwanda, underscored Africa’s imminent transition from technology consumption to production, commenting that the groundbreaking was a “critical moment in Rwanda’s journey to becoming a leader in pioneering technology and innovation on the continent.”
In his remarks, Francis Gatare, CEO of Rwanda Development Board said: “This project reflects a collective ambition of all our people to transform our country so that innovation, education, and technology can truly become a cornerstone for Rwanda’s future.
The groundbreaking ceremony included a fireside chat entitled, ‘Catalyzing Innovation: Building a pan-African technology hub’. Alain Ebobissé, CEO of Africa50, sponsor and developer of KIC, commended Rwanda for its vision and its progressive policies, which provide businesses and entrepreneurs with certainty and incentives: “The long-term vision and effective implementation de-risks this investment, increases KIC’s ability to attract private investment to the country” and “helps universities produce outstanding talent and new technologies that will change the world.”
The new project will be one of the largest smart cities in Africa. Panellist and tenant of KIC, Dr. Conrad Tucker, Director of Carnegie Mellon University-Africa and Associate Dean for International Affairs Africa, Carnegie Mellon University, underscored the project’s ambition to provide the fertile ground to develop large technology companies, “KIC will develop Africa’s first trillion-dollar business.”
Hon Paula Ingabire, Rwanda’s Minister for ICT and Innovation, advocated for developing products and industries at KIC that will be deployed worldwide, cementing Rwanda and Africa’s position as enabling environments that stimulate trade and contribute to a thriving global digital economy.
KIC, a public-private partnership (PPP) with Africa50 and Rwanda Development Board as sponsors and shareholders; and BADEA as lender, reflects the collaboration of international and local partners taking action to close Africa’s digital divide and accelerate the continent’s digitalization.
Ibrahima Cheikh Diong, Special Representative of the President at BADEA on Environmental, Social and Governance (ESG), a financier to the project, commented on increased South-South cooperation and the bank’s role mobilising international capital for the project: “At BADEA, we are fully prepared to leverage our convening power, track record and network to help promote the cutting edge KIC project in the Arab world and beyond to make sure private investors and other public Gulf-based financial institutions join in with the funding and investment needed to build on the project’s success”.
The groundbreaking ceremony also featured participation from Lou Major, Managing Director, East & Southern Africa, Ansys and Craig Clulow, CEO of Kigali Innovation City Company Ltd.
ENDS
Photo credit: Africa50
Description: From left to right, Minister of Infrastructure, Rwanda, Jimmy Gasore; CEO of RDB, Francis Gatare; Rt. Hon. Dr. Édouard Ngirente, Prime Minister of Rwanda; CEO, Africa50 Alain Ebobissé; and Minister of ICT and Innovation, Rwanda, Paula Ingabire, break ground at the KIC Groundbreaking Ceremony.
About Africa50
Africa50 is an infrastructure investor and asset manager that contributes to Africa’s growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50 currently has 35 shareholders, comprised of 32 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib. For more information, visit: www.africa50.com
Contact:
Nana Boakye-Yiadom
About Rwanda Development Board
RDB has the mandate to accelerate the Republic of Rwanda’s economic development by enabling private sector growth; with RDB’s key services including investment promotion, export and SEZ development, investment deals negotiation, tourism and conservation, skills development, and one-stop center services; and with RDB providing support throughout the entire investment journey to ensure Rwanda remains one of the best places to do business in Africa and the world. Visit: rdb.rw
Contact
Paul Ntambara
About BADEA
BADEA is a multilateral financial institution headquartered in Khartoum, Republic of the Sudan. The Bank – owned by 18 sovereign states, members of the League of Arab States was established on 18th February 1974 and began operations in March 1975 providing finance and technical assistance for economic development exclusively in Sub Saharan Africa. BADEA works to facilitate and catalyse the flow of Arab and other external capital and investments into Africa. Since 2015, the bank also expanded its focus on trade – both Arab-Africa trade as well as Intra-Africa trade. The Bank is an independent International Institution enjoying full international legal status and complete autonomy in administrative and financial matters. It is governed by the provisions of its Establishing Agreement and the principles of international law. The Bank was created for the purpose of strengthening economic, financial and technical cooperation between the Arab and African regions and for the embodiment of Arab-African solidarity on foundations of equality and friendship and remains one of the very few multilateral development banks whose mandate is to serve non-shareholder countries. Visit: badea.org/
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About KIC
Kigali Innovation City (KIC) is being developed to be a mixed-use, master-planned, innovation city to be situated on 60 hectares of land in Kigali, Rwanda. KIC will seek to facilitate the development of pan-African talent and act as a technology innovation hub. Its plan includes four universities, office spaces, and start-up business incubators, alongside supporting facilities for retail, hospitality and accommodation.
Contact
Craig Clulow
Category: Press Release
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