June 16, 2024

Kenya secures $238m in South Korea-Africa summit, eyes major development projects


In a significant win for Kenya, the nation has secured a $238 million funding agreement from the Korea Exim Bank during the South Korea-Africa Summit. This strategic economic summit, hosted by South Korea, saw leaders from numerous African countries gather to discuss and strengthen economic ties.

The summit, attended by leaders from Kenya, Botswana, Ethiopia, Tanzania, Rwanda, Madagascar, Sierra Leone, Eswatini, Zimbabwe, Liberia, among others, underscores South Korea’s growing interest in fostering robust economic partnerships with African nations.

Kenya emerged as a notable beneficiary, with the Korea Exim Bank committing substantial investments. Highlighting the strengthened bilateral relations, the bank signed a $238 million (KSh31 billion) financing agreement on Tuesday for the development of the Konza Digital Media City at the Konza Technopolis. This project aims to establish a premier digital media and entertainment hub for research and training, further enhancing Kenya’s Silicon Savannah.

In addition to the Konza Digital Media City, the Korea Exim Bank is set to fund several other critical infrastructure projects in Kenya. These include the dualling of the 78km Machakos Junction-Emali Road, the enhancement of water supply infrastructure to Konza, and a vaccine production project.

During the summit, President William Samoei Ruto of Kenya, alongside Kakamega Governor Fernandes Barasa, chairman of the Finance Committee of the Council of Governors, met with Yoon Hee-sung, Chairman and President of the Korea Exim Bank. The bank also expressed its commitment to collaborating with Kenyan county governments on water and sanitation programs, a crucial aspect of sustainable development.

This substantial funding and the ensuing projects mark a significant milestone in Kenya’s development trajectory, reinforcing the nation’s role as a key player in digital innovation and infrastructure development in Africa.

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