Kagame lays foundation stone for construction of Kigali Financial Square

On 21 June 2022 at 12:49

President Paul Kagame has laid the foundation stone for the construction of Kigali Financial Square, a commercial building of Equity Group which owns Equity Bank Rwanda Limited.

The building is expected to be the tallest in Rwanda.

Dr. James Mwangi, the Group CEO of Equity Group Holdings has said that the bank was the smallest in Kenya when it was inaugurated 30 years ago but has registered tremendous growth over the years.

Today, the group has become the largest in Central and East Africa by assets where it has hit US$13 billion and registered 17 million clients.

Dr. Mwangi has revealed that the group continued to expend much effort to maintain a leading role while expanding cooperation with other institutions including the International Finance Corporation (IFC) affiliated to the World Bank.

IFC is the largest global development institution focused exclusively on the private sector in developing countries.

Dr. Mwangi has said that the group has cemented its presence in Rwanda with a wide range of services including loans for execution of mega projects like the construction of Kigali Marriot Hotel.

He underscored that the time has come for the group to expand activities.

As part of expansion plans, Dr. Mwangi revealed that they decided to support Rwanda along its vision to become financial and business hub by setting up state-of-the art infrastructures.

He said that the US$100 million project will see two identical tall skyscrapers (Twin Tower) erected in Kigali.

The eco-friendly building is expected to be completed in 24 months.

One section will be comprised of 24 floors that will house offices while the second will be a 20-floor building comprised of a hotel and residential structures.

“We are hoping this building will attract investment banks, finance companies, Africa regional offices and others,” said Dr. James Mwangi.

Marc Allchin, the Managing Director of Equity Holding and Venture Capital Rwanda has said that the building can serve different purposes.

During night hours, the building will have displays conveying different messages, some of which aligning with the development of Kigali City.

Taking an example of different hotels constructed on loans provided by the bank including Marriott Hotel and others; the CEO of RDB, Clare Akamanzi has said that the contribution of Equity Bank in Rwanda’s development is self-evident.

President Kagame commended Equity Group highlighting that the project is in the interests of Rwandans.

“This project is also about the future of our people and our most valuable asset that is our people. Over the years, we have created meaningful partnership that contributed to our development. I think it will be the same for Kigali International Finance and Business Square,” he said.

Kigali Financial Square will be built in the plot between Kigali City Hall, Ecobank building.

It will be the tallest skyscraper in Kigali followed by Kigali City Tower (20 floors) inaugurated in 2011. The latter was completed at a tune of US$20 million (approximately Rwf 20 billion).

The artistic impression of the new building to be built in Kigali.