Victor Ezeja
Kenya has signed an agreement of $238 million (KSh31 billion) with the Republic of South Korea’s Exim Bank to finance the establishment of a Digital Media City at the Konza Technopolis.
The deal was signed on Tuesday, 4 June 2024, during the inaugural Korea-Africa Summit that held in Seoul the capital of South Korea.
A press statement by Konza Technopolis said the financing is part of the Kenya and South Korea partnership under the Economic Innovation Partnership Program (EIPP).
Commenting on the deal, Kenya President, William Ruto, in a post on his official X handle said the Konza Digital Media City (DMC) project in Konza Technopolis “will provide an excellent digital media and entertainment platform for research and training at Kenya’s Silicon Savannah.”
READ ALSO: Kenya’s Evolving Credit Landscape Highlights Drive for Financial Inclusion
The DMC project is designed to position Kenya as a creative and content industry leader in Africa by providing a state-of-the-art facility to promote the emerging creative sector space to enable the country to unlock the opportunities that the creative industry in the tech sector presents to the country’s economic development ambitions.
Ruto said 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.
He noted that the funding of many projects in Kenya by Korea Exim Bank is “a clear signal of the cordial and deep ties between our two countries.”
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
