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President Paul Kagame on Tuesday, June 21 inaugurated the construction of the proposed Kigali Financial Square, a business complex set to serve as a regional hub for financial services.
Located in the Commercial Business District, the proposed US$100-million twin towers, owned by Equity Holding Group Plc, are set to be completed in two years.
The construction project was approved by the cabinet in November 2020. The property will be developed by Equity Holding (EH) Venture Capital, an investment arm of Equity Group.
Speaking at the groundbreaking ceremony, President Kagame said that regional financial hubs play a critical role in attracting investments and would no doubt contribute to the country’s ambitions.
“Regional financial hubs are critical to attracting new investments and getting us back on track. Our country’s stability and business-friendly environment are an added advantage,” he said.
For the past two years, the pandemic has slowed down economic growth and deepened inequalities but that is not going to be a permanent state for us, the region, or the continent, he said.
“Together with members of our region we try to keep working at it to make sure stability is something we can look up to for many years ahead. This project is also about the future of our people, our most valuable asset,” he said.
The Head of State pledged full support to financial service providers.
“Over the years, we have created meaningful partnerships which have contributed to our development and, therefore, have no doubt that it will be the same for Kigali Financial Square,” he said.
James Mwangi, Managing Director, and chief executive of Equity Holding Group Plc, said the decision to put up the proposed complex was in line with their commitment to support Rwanda in its bid to become a global financial and business center.
He said the structure will provide grade one certified eco-friendly offices. It will boast a complete office of a 24-story building, a hotel, apartments, and retail spaces.
“The building will facilitate African transformational plans to be financed locally,” he said.
The proposed twin-tower building is expected to attract investment banks, technical specialists in the development space, legal firms, and finance experts.
It is expected to house a regional office of the International Finance Centre as well as a regional arm of the African Development Bank. Once completed, the building will also host the Equity Group regional office.
Equity Group, the largest financial services institution in the region with assets worth US$13.5 billion, has banking subsidiaries in Rwanda, Kenya, DR Congo, Uganda, Tanzania, and South Sudan. It also has a commercial representative office in Ethiopia.