By Marline Atieno
In a diplomatic triumph that promises to redefine Kenya’s economic landscape, President William Ruto has successfully clinched a monumental 30.8 billion investment agreement during his official visit to South Korea.
This agreement was formalized during the Korea-Africa Summit, signifying a notable achievement in the partnership between Kenya and Korea Exim Bank, on Tuesday, June 4th.
The financial pact, inked by Hwang Kiyeon, Executive Director and Board Member of Korea Exim Bank and Dr. Abraham Korir, Principal Secretary of Foreign Affairs at Kenya’s Ministry of Foreign and Diaspora Affairs, totals $238 million (equivalent to approximately Ksh30.8 billion).
The comprehensive investment deal spans a spectrum of strategic sectors pivotal for Kenya’s socio-economic advancement, including infrastructure, technology and renewable energy.
This significant investment aims to elevate Konza Technopolis into a state-of-the-art centre for the film and creative sectors.
The latest funding is a component of a larger Economic Innovation Partnership Program (EIPP), which has already witnessed substantial investments in smart agriculture, startup support facilities and sustainable energy projects within the Konza Special Economic Zone (SEZ).
In the previous year, almost fifty percent of the Ministry of ICT’s budget was dedicated to the progress of Konza Technopolis, underscoring the government’s urgency in completing the project.
In March, South Korea pledged additional funding for three more projects within the SEZ at Konza Technopolis.
This continued assistance is a key aspect of the strong collaboration between Kenya and South Korea, focused on promoting economic growth through inventive infrastructure and urban development initiatives.
This endeavour aims to cultivate mutually advantageous partnerships and bolster economic growth in collaborating nations.
Despite previous setbacks, the developers of Konza Technopolis remain resolute in their vision, encouraged by the recent injection of funds and ongoing backing from the international community.