By Dorothy Musyoka
Kenya has signed two financing agreements totalling US$48 million inclusive of US$238 million with the Korea Eximbank to fund the Konza Technopolis project in Malili, Machakos County among other
Kenya’s Foreign Affairs Principal Secretary Korir Sing’oei on Tuesday morning announced the lending signed on the sidelines of the 2024 Korea-Africa summit, which President William Ruto is attending in Seoul.
“On the sidelines of the Korea-Africa summit, the government of Kenya and Korea Exim Bank, represented by Executive Director and Board Member H.E. Hwang Kiyeon, signed two funding agreements amounting to US$ 238M for the financing of Konza Digital Media City project to establish a cutting edge film and creative economy hub at Konza Technopolis,” stated PS Korir
The Korea Eximbank, formally called the Export-Import Bank of Korea, is the official export credit agency of South Korea.
According to President William Ruto, the concessional development fund will not only boost the digital ecosystem but also create job opportunities for the youths in the country.
“The release of US$485 million concessional development funding, including $238 million for the Konza Digital Media City Project, will bolster our digital ecosystem, expanding opportunities for our youth in the creative economy,” said President Ruto.
President Ruto emphasized the importance of Kenya’s close ties with South Korea, highlighting the significant role the latter plays in Kenya’s development and technological advancement.
The Government of Kenya established the Konza Technopolis Development Authority (KoTDA) as a special purpose entity to facilitate the development of Konza.
The mission of KoTDA is to ensure that Konza grows into a sustainable, world-class technology hub and a major economic driver for the nation, with a vibrant mix of businesses, workers, residents, and urban amenities.
KoTDA is responsible for overseeing the development and management of Konza, and for establishing a strong value proposition for businesses to locate and expand in Konza.