Equity Bank CEO James Mwangi is set to build a skyscraper in Kigali, Rwanda’s capital city.
The project dubbed Kigali Financial Towers was approved by the country’s Cabinet last week and will be undertaken by Equity Holding (EH) Venture Capital, an investment arm of Equity Group.
Rwanda Development Board (RDB) CEO Clare Akamanzi pointed out that Kigali Financial Towers will be a real estate project, and is part of the Kigali International Financial Center (KIFC).
“They will build one of the buildings for the Kigali International Financial Centre (KIFC), and the idea is for it to be a state-of-the-art real estate project with a hotel that can accommodate people working at the Centre,” she said.
She indicated that such kind of investments is necessary for attracting global financial brands like HSBC and Citibank.
Akamanzi said the cabinet approved the project because they believe it is a “strategic project that is going to support the growth and vision of the International Financial Centre.”
“If Rwanda becomes a financial center, staff will travel a lot so you always need a hotel nearby where those people can stay,” she noted.
The Cabinet approval will pave the way for the development of Kigali Financial Towers, which will be completed within three years.
The tower will be built at the former Ministry of Foreign Affairs and International Cooperation land, next to Ecobank Headquarters in the City Center.