South Korea grants Kenya Sh685m for Konza tech city

Economy

South Korea grants Kenya Sh685m for Konza tech city


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An artist’s impression of a section of the proposed Konza technopolis. FILE PHOTO | NMG

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Summary

  • The funds will be disbursed in three equal annual installments of $ 2 million (Sh228.62 million), starting in the current fiscal year.
  • The assistance program, known as the Economic Innovation Partnership Program (EIPP), will be implemented by the Korea Trade-Investment Promotion Agency (KOTRA) and the Konza Technopolis Development Authority.

The South Korea government has given Kenya a grant of $ 6 million (Sh685.86 million) for the construction of transport infrastructure, planning and security installations at the Konza City project.

The funds will be disbursed in three equal annual installments of $ 2 million (Sh228.62 million), starting in the current fiscal year, and will among other things be used for construction of smart parking facilities, digital signage and electric vehicle infrastructure at the Technopolis .

The assistance program, known as the Economic Innovation Partnership Program (EIPP), will be implemented by the Korea Trade-Investment Promotion Agency (KOTRA) and the Konza Technopolis Development Authority.

This follows the signing of a memorandum of understanding between the South Korean government through its Ministry of Economy and Finance (MOEF) and the Kenyan ICT ministry, covering policy consultation, joint research and expert meetings in the three-year period.

“Under this EIPP, consultation based on Korea’s ICT infrastructure and urban development experience is expected to significantly contribute to formulating a smart city development strategy,” said ICT principal secretary Jerome Ochieng ‘

“Furthermore, the consultations will result in formulation of strategies that meet Konza Technopolis’ unique conditions and support its growth into an innovation hub for Kenya and the rest of Africa.”

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