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Equity Group Holdings, a leading financial services group led by Kenyan multimillionaire businessman James Mwangi, plans to invest $100 million in the construction of Kigali Financial Towers through its venture capital arm, Equity Holding.
The twin towers, which are slated to open in two years in the Kigali International Financial Center, will play a key role in attracting financial institutions to Rwanda, including investment banks, according to Equity Group Holdings.
Rwandan President Paul Kagame participated in the groundbreaking ceremony for the project. He stated that Rwanda aspires to become a global financial hub and Equity’s flagship projects align well with this goal.
“Equity and all those investing in our country have our full support. I assure all investors that every dollar you invest in Rwanda will pay back,” he said.
Speaking at the Commonwealth Business Forum in Kigali, Mwangi, the chairman of Equity Group Holdings, said COVID-19 exposed the unsustainable nature of today’s economic and social order.
“It demonstrated to the world how unsustainable the world had been built,” he said. “The business had lost trust with the host community; inequality had reached a level unprecedented in history. Globalisation, competitiveness, economies of scale; the theories upon which the world was being built have been put to question because, at the end of the day, it was all about availability.”
He added that it is vital to improve agricultural productivity internationally to fight food inflation.
