Equity Bank’s James mwangi is set to fund the construction of the Kigali Financial Towers through Equity Holding (EH) Venture Capital. EH is the investment arm of the Equity Group and will construct one of the buildings of the Kigali International Financial Centre (KIFC).
KIFC is a government project aimed at making Rwanda a regional financial centre. EH says that the project design will be done early in 2021 with the project estimated to take three years to complete.
Rwanda’s cabinet approved the development of Kigali Financial Towers a real estate project featuring a hotel to accommodate people working at the centre. The towers will be located in Nyarugenge District in Rwanda’s capital Kigali.
Rwandese authorities have signed a partnership with other financial centers in the world, a bid to make KIFC attractive to multinational firms. In addition, the government has revised several laws to build a conducive environment for wealth management firms, insurance companies, and big banks seeking to set up shop at the financial center.
Last week, former Credit Suisse CEO Tidjane Thiam was appointed Chairman of the Board of Directors of Rwanda Finance Limited. Rwanda Finance Limited is a government agency tasked with the development and promotion of KIFC.
The appointment of Thiam to the board is set to boost Kigali’s appeal as a financial centre as he is credited with the turnaround and restructuring of Credit Suisse.