The government of Kenya and the Korea Exim Bank have signed two funding agreements amounting to KES 31.1 billion (US$ 238M) for the financing of Konza Digital Media City project. The funds will help Kenya set up a film and creative economy hub at Konza Technopolis.
The signing of the deals took place on the sidelines of the Korea-Africa summit. Kenya was represented by Korir Sing’Oei, the Principal Secretary for Foreign Affairs. On its part, Seoul was represented by Executive Director and Board Member H.E. Hwang Kiyeon.
In a boost to creatives, the Konza Digital Media is set to provide training, research, and innovation in digital media and entertainment, fueling the development of Kenya and Africa’s creative industries.
South Korea has had a noticeable presence at the Konza’s Technopolis. Last year in March, Kenya and South Korean governments launched four Economic Innovation Partnership Program (EIPP) initiatives tailored to accelerate the progress of the Konza Technopolis project.
Further, the Asian country has been instrumental in setting up the Kenya Advanced Institute of Science and Technology (KAIST). This is a public university in Konza Technology City that was established in 2021 and is modelled after the Korean Advanced Institute of Science and Technology (KAIST). The projected cost was KES 10 billion and was part of a deal signed during the state visit of South Korea President Park Geun-hye in Kenya back in 2016.
Currently, President William Ruto is attending the inaugural Korea Africa Summit. He addressed the audience and underscored the critical role Korea can play in the transformation of Africa.
“To do this, we must leverage on our complementarities and implement win-win strategies on the basis of equal partnership,” he said.
The summit, whose theme is The Future We Make Together: Shared Growth, Sustainability and Solidarity is hosted by President Yoon Suk Yeol at the Korea International Exhibition Centre in Goyang.
