Africa50, the pan-African infrastructure investor and asset manager, the Government of Rwanda and Kigali Innovation City (KIC) today officially break ground on the pioneering smart city project on 10 September. The groundbreaking ceremony today convened dignitaries,policymakers, institutional investors, private investors, multinational corporations, and project developers to support a transformative project designed to drive Africa’s digital transformation.
Once complete, the 61-hectare smart city project will be worth over US$2 billion and position Rwanda as a major producer of next-generation technology. By bringing together a combination of leading businesses in areas from Artificial Intelligence (AI) to Science, Technology, Engineering and Mathematics (STEM), Kigali Innovation City will create over 50,000 jobs, while over 2,600 students are expected to graduate annually from KIC’s world-class universities.
KIC advances Rwanda’s development plan and Africa50’s growth strategy to back cutting-edge technologies that transform the quality of urban life in all aspects, from safety to transport,connectivity, clean air, housing and waste management.
The new project is expected to generate $150 million in ICT exports annually and attract over $300 million in foreign direct investment (FDI) to Rwanda. Sub-Saharan Africa is among the world’s fastest-urbanising regions. More than half of Africa’s population will live in cities, and is projected to rise by 2035 (EIU).
The continent’s urban population will rise from around 650 million in 2023 to c.1 billion in 2035 – taking the region’s citizens living in towns and cities to more than 50%. Africa’s rapidly urbanising population creates urgency in introducing solutions that make urban economies more productive, innovative, safe, resilient and sustainable and can be scaled across the continent.
Rt. Hon. Édouard Ngirente, Prime Minister of Rwanda, today open the ceremony with a high-level opening address, providing an overview of KIC and its impact on Rwanda’s digital economy, job creation and the startup ecosystem. Key themes to be explored include the role of regulation and policy reform in developing next-generation businesses in Africa.
The groundbreaking include a fireside chat entitled “Smart Cities: Driving Africa’s Digital Transformation.”
Hon. Paula Ingabire, Minister of Information and Communications Technology of Rwanda, Francis Gatare, CEO of Rwanda Development Board, and Alain Ebobissé, CEO of Africa50, highlighted the global and local collaboration required to unlock outsized investment in entrepreneurship and digital infrastructure.
The KIC will boost Africa’s competitiveness in the digital skills index – which falls below the global average – by fostering a thriving ecosystem for technology-enabled businesses that empower entrepreneurs to succeed in an increasingly digitized global economy.
About Africa50
Africa50 is a pan-African infrastructure investor and asset manager that contributes to Africa’s growth by developing and investing in bankable projects, catalysing public sector capital, and mobilising private sector funding, with differentiated financial returns and impact. Africa50 currently has 34 shareholders, comprised of 31 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.
About Rwanda Development Board (RDB)
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. (End)