The construction of the Kigali Innovation City (KIC) is set to begin in September 2024 after the Rwandan government signed a deal with key project sponsors, including Africa50 and Badea. This $300 million project will boost Rwanda’s technological innovation capacity and attract significant foreign direct investments.
Africa50 CEO Alain Ebobissé expressed optimism at the signing ceremony, stating that the project will enhance Rwanda’s digital technologies and contribute to the country’s ambition of a knowledge-based economy. The KIC is expected to generate $150 million annually from ICT exports and attract $300 million in FDI.
With the potential to create over 50,000 jobs and produce 2,600 students annually, KIC is a significant project under Rwanda’s Vision 2020 program. The partnership between Africa50, Badea, and the Rwandan government signifies a milestone in promoting tech entrepreneurship in Africa.