Prime Minister Edouard Ngirente led the ground-breaking ceremony on September 10 to kick off the construction of Kigali Innovation City (KIC), Rwanda’s major project to build an innovation ecosystem on the continent. ALSO READ: Kigali Innovation City construction to commence in September The $300 million innovation infrastructure located near the Special Economic Zone will position Kigali as a regional hub for technology, innovation, and education. It will host world-class universities, office spaces, and start-up business incubators, technology companies, biotech firms, alongside supporting facilities for retail, hospitality and accommodation. ALSO READ: Kigali Innovation City master plan unveiled According to its masterplan launched in 2021, the city will be situated on 61 hectares of land. Three institutions that are part of the city are already in place, including the African Leadership University, Carnegie Mellon University-Africa campus, and a University of Rwanda campus. Ngirente said that the ongoing real estate projects within KIC, alongside established educational institutions, are meant to significantly contribute to Rwanda’s vision of a prosperous and technology-driven future. According to him, this is more than just a physical infrastructure but an ecosystem designed to foster innovation, attract top talents, and draw investment from around the world. “Our commitment extends to creating a conducive environment for innovation and investment in the technology sector. This robust infrastructure, favourable business environment, and commitment to innovation make Rwanda an ideal destination for investment.” Ngirente urged local and international investors to seize the opportunity that KIC offers. Alain Ebobissé, the Chief Executive Officer of Africa50, a pan-African infrastructure investment firm that finances the project alongside the Arab Bank for Economic Development in Africa (BADEA), said that the project is a testament of successful Public-Private Partnerships. “We invest in the enabling infrastructure that help countries build their innovation economy and support the growth of a dynamic ecosystems of African tech entrepreneurs.” He said that the overall infrastructure will be worth over $2 billion when completed and will foster a thriving ecosystem for high growth potential businesses, boasting academia, incubation centres, innovation centres, and financing venture capitalists amongst others. Officials indicated that local businesses and service providers will have an opportunity to locate in the complex, contributing to the local economy and increasing their reach to markets beyond the region. The International Finance Corporation in 2020 showed that the startup ecosystem is helping drive Africa’s internet economy towards a projected value of $180 billion by 2025 – equivalent to 5.2 percent of the continent’s economic growth. “From payments companies to e-commerce businesses, African startups have transformed into some of the largest corporations on the continent. Their business models innovate at every step of the value chain to supply goods and cutting-edge services to millions of Africans,” said Ebobissé. Francis Gatare, the Chief Executive of Rwanda Development Board, noted that this flagship project is a cornerstone of the country’s strategy to build a knowledge-based economy. “It will foster academic excellence aimed to promote human capital as the cornerstone of our economic development. We have already witnessed the impact that is being created by the education institutions.” Gatare emphasized that human capital is the essential asset that Africa can rely on to propel its people into the future. KIC is expected to generate $150 million in ICT exports annually and attract more than $300 million in foreign direct investments, in addition to creating over 50,000 jobs upon its completion. It is expected to have more than 2,600 students graduating annually from its universities over 30 years, adding to Rwanda’s and Africa’s pool of tech-savvy entrepreneurs.
