By Patricia Mollyne Mataga
Kenya has secured a major funding from South Korea for its various development projects.
President William Ruto on Tuesday announced that his administration had sealed a deal that will see it get over Ksh63 billion for concessional development.Most of the funds will go to enhancing technology.
According to the President, part of the money will go towards completion of the Konza Digital Media City Project.
“We value our strong relations with South Korea, which continues to make a significant contribution to Kenya’s development, especially in technology,” the President said.
“The release of $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,” he added.
Ruto made the reactions after holding talks with President Yoon Suk Yeol of Korea on the sidelines of the Korea-Africa Summit at the Korea International Exhibition Centre in Goyang in the outskirts of the capital Seoul.
Digital strategist Dennis Itumbi welcomed the new deal saying it will be a game changer.
“President William Samoei Ruto secures major development and Tech financing in Korea. Of great interest to tech is $238b towards the Digital Media City in Konza,” Itumbi said.
He further noted that once complete, the Konza Digital City will have – “World class film and music production studios; Labs for digital technologies and spaces for innovation; Production studios for Photography, Advertisements, Cinema and TV Industry; Animation and Computer gaming industries; A film/multi-media campus; Theme Parks; Specialized photography and filming facilities; Modern sound production studios and film labs; Sound design studios and color correction facilities.
“Itself a big boost for the Creative and Digital Economy,” he added.
The President has been in the South Korea for the 2024 Korea-Africa summit.
In an earlier update, Ruto said addressed the summit being held at the Korea International Exhibition Center in Goyang.
“The Government of Korea and Korean investors have a critical role to play in turning Africa’s enormous potential into opportunity and eventually investment,” the President said.
“Through a robust partnership with Korea, we also aim at enhancing the opportunities that provide jobs and economic growth in sectors such as food security, science and technology, and health security,” he added.