Government, Africa50 to establish firm to develop Kigali Innovation City project

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The multi-million dollar complex that is home to Carnegie Mellon University Africa Campus was built at the Kigali Innovation City

The Government of Rwanda and Africa50, a pan-African infrastructure investment firm will set up a joint venture company that will be involved in developing, financing, constructing and operating commercial components of the Kigali Innovation City.

Africa50 is a special-purpose vehicle for infrastructure project financing in Africa founded by the African Development Bank, and different African governments.

The agreement signed Tuesday with Rwanda Development Board representing government will see government contributing land and finance ancillary infrastructure such as roads, lighting, power supply and other horizontal “plug and play” enablers.

According to the agreement, RDB will also ensure facilitation of macro and micro enablers including policy-led tax incentives that aid bankability of the transaction and allow for effective private sector participation.

In July, the Minister for Finance and Economic Planning, Uzziel Ndagijimana, told The New Times that the two parties were in talks over the best model for engagement. Continue reading…

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