Rwanda is committed to becoming the gateway to a technologically developed Africa. The multi-billion-dollar project inspired by American’s Silicon Valley for the production and development of technological advancement aims to build a critical mass of talent, research, and innovative ideas that will transform the African continent.
About Africa’s First ‘Silicon Valley’
The project was named Kigali Innovation City (KIC). It is the result of a public-private partnership (PPP) woven by the Rwandan government and Africa50. The latter is a platform specializing in infrastructure investments across Africa, it was founded by the AfDB (African Development Bank).
In total, Africa’s first Silicon Valley requires $ 2 billion to be accomplished. Thus, Kigali will become the preferred land for tech companies, biotechnology companies, global retail and real estate companies. The initiative will also create 50,000 jobs per year.
In this context, 400 million dollars will be mobilized by Africa50 according to the AfDB. The platform will take care of the real estate aspect of Africa’s first Silicon Valley. It will therefore be allocated several tasks, including the construction of retail complexes ($ 315 million). She will also take care of the digital innovation hub. This large space will house technology companies that will take up residence at Africa’s first Silicon Valley. It will also include residential facilities for future employees who will work in this vast ecosystem.
The government of Rwanda plans to attract both domestic and foreign universities, technology companies, biotech firms, agriculture, healthcare and financial services; infrastructure including commercial and retail real estate.
According to Paula Ingabire, Rwanda’s Minister of ICT and Innovation, the Silicon Valley project has set itself the objectives of creating more than 50,000 jobs, generating $150 million in ICT exports per year, and attracting more than $300 million in foreign direct investment.
Rwanda Leading Africa in Technological Advancement
Rwanda is one of the world’s fastest-growing economies and leads the African continent in technological advancement and infrastructural development.
Rwanda has chosen the noble and daring act of rewriting the script of her future. Rwanda is consciously positioning herself for the Fourth Industrial Revolution(4IR) and genuinely giving the future generations tools to succeed in an era of exponential technologies.
Rwanda has come a long way. Despite a near-total lack of natural resources, the country continues to rise, making it one of the fastest-growing economies in the world. One key to this turnaround is technology. It seems that President Paul Kagame; also known as the “digital president” is positioning the country for an extraordinary leapfrog in the Fourth Industrial Revolution.
Economic Impact of Rwandan Silicon Valley
It will be very positive! Africa’s first Silicon Valley will generate 50,000 jobs per year. According to the Prime Minister of Rwanda, Edouard Ngirente, the aim is to create a critical mass of talent, research, and innovative ideas that will transform Africa.
It should be noted that this vast project is in line with Rwanda’s Vision 2020 development program, as well as within the framework of the National Transformation Strategy 2017-2024. The goal, again according to the Prime Minister, is to make Rwanda “A globally competitive knowledge economy”.
Apart from the Silicon Valley innitiative, Rwanda is also building a $5 billion US Dollar model green city in Kigali. This will also be the first in Africa – to focus on green technologies and innovations for green and climate-resilient urbanization.