Recent reports indicate that the newly signed Implementation Agreement aims to expedite the execution of this ambitious project.

These agreements build upon the Joint Development Agreement (JDA) signed in 2019 between the Rwanda Development Board (RDB), which will oversee the project, and Africa50. The previous agreements established the framework for collaboration between the two parties.

The Rwandan government will provide 61 hectares of land for the construction of this city and create an environment conducive to attracting investors to invest and operate within the city.

Africa50 will oversee the construction, management, and commercial exploitation of the project, while the Arab Bank for Economic Development in Africa (BADEA) is expected to fund the initial phases.

The project will feature four universities focusing on science, technology, engineering, and mathematics (STEM), including Carnegie Mellon University, which has already begun operations in Rwanda, and the African Leadership University. The University of Rwanda will also have a campus in this city, specializing in Biomedical Engineering.

The project is estimated to cost $300 million and, once completed, is expected to attract investments worth $300 million, creating 50,000 jobs in Rwanda.

Annually, Rwanda is projected to earn $150 million from activities conducted within the city, with 2,600 students graduating from the universities located in Kigali Innovation City.

In addition to universities, major tech service providers will be welcomed, along with projects supporting youth in technology development and innovation.

The implementation will take into account green initiatives, and is expected to support Rwanda in its journey to build a knowledge-based economy, contributing significantly to the country’s Vision 2050 goals.

The construction of Carnegie Mellon University has been completed.

Rwanda will provide 61 hectares for the construction of Kigali Innovation City.