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Kenya has received Ksh31 billion to boost the implementation of Konza Digital Media City.

According to a statement released by President William Ruto on Tuesday, June 4, 2024, the funds signed by the Korea Exim Bank would establish a digital media and entertainment platform for research and training in Kenya’s Silicon Savannah.

“The Korea Exim Bank is funding many projects in Kenya, a clear signal of the the cordial and deep ties between our two countries.

“On Tuesday, the bank signed a $238 million (KSh31 billion) financing agreement for the implementation of the Konza Digital Media City at the Konza Technopolis that will provide an excellent digital media and entertainment platform for research and training at Kenya’s Silicon Savannah,” Ruto stated.

Ruto said the funds will also help complete other ongoing projects such as the dualling of the 78km Machakos-Emali Road, water supply infrastructure to Konza and vaccine production project.

“Other programmes in the pipeline include the dualling of the 78km Machakos Junction-Emali Road, water supply infrastructure to Konza and a vaccine production project.

“Met Korea Exim Bank Chairman and President Yoon Hee-sung in Seoul, South Korea. Also present was Kakamega Governor @BarasaFernandes, the chairman of the Finance Committee of the Council of Governors.

“The Korea Exim Bank committed to work with county governments in water and sanitation programmes,” Ruto added.

The Korea Exim Bank is funding many projects in Kenya, a clear signal of the the cordial and deep ties between our two countries.

On Tuesday, the bank signed a $238 million (KSh31 billion) financing agreement for the implementation of the Konza Digital Media City at the Konza… pic.twitter.com/0d6HlFnpbY

— William Samoei Ruto, PhD (@WilliamsRuto) June 4, 2024

Ruto, Korea trip

President William Ruto arrived in Seoul on Monday, June 3, ahead of the Korea-Africa Summit which was set to begin on Tuesday.

On Sunday, June 2, 2024, while in Bungoma, President William Ruto announced his trip to South Korea, aimed at establishing partnerships to boost youth employment.

President Ruto revealed that Korea pledged Ksh40 billion for the creative economy and Ksh25 billion for dam construction projects nationwide.

“I am heading to South Korea today for three things. I was in Korea last year and we agreed with the president that we should amalgamate our university in Athi River with their university.

“They have also given us Ksh40 billion for our youths in the creative economy. That is the money I’m going for,” Ruto said.

Ruto mentioned that up to 10,000 Kenyan youths are expected to find jobs in South Korea following an agreement between the two countries. This trip comes a week after his return from a state visit to the United States.

During his visit, President Ruto will hold bilateral discussions with President Yoon Suk Yeol to assess the progress of the Ksh132 billion Framework Arrangement partnership established during his previous visit in November 2022.

“This partnership focuses on key projects including water and irrigation, agriculture, infrastructure, and the creative economy.

“Agreements worth Ksh40 billion will be concluded to create opportunities in Kenya’s creative economy sector, and Ksh25 billion for water and irrigation projects,” Mohamed said.

Furthermore, several Memoranda of Understanding (MOUs) will be signed to enhance cooperation in health, agriculture, and ICT.

Kenya and South Korea will explore technological opportunities, including the development of Kenya’s semiconductor industry.

Additionally, Kenya will join the International Vaccine Institute (IVI) to advance its vaccine manufacturing goals.

The visit is also expected to finalize a Labor Migration Program, potentially positioning Kenya as one of the few African countries approved to supply labour under South Korea’s Employment Permit System (EPS) Program.

“The trip will also set the stage for Kenya and South Korea to initiate negotiations for an Economic Partnership Agreement (EPA) between the two countries,” Mohamed added.

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