Kenya receives $6 million from South Korea for Konza city project
The funds will be disbursed in three equal annual instalments of $2 million, starting in the current fiscal year
Konza Technology City is a significant technology hub planned by the Government of Kenya to be built 64 km south of Nairobi to the port city of Mombasa. It is a crucial driver of the Kenya Vision 2030 development plan.
This grant will be disbursed in three equal annual instalments of $2 million, starting in the current fiscal year.
The cash will be used to, among other things, construct intelligent car parking space, infrastructure for the construction of electric vehicles and the making of digital signage at the Konza Technopolies.
The Korean grant, given under the Economic Innovation Partnership Program (EIPP), will be executed by the Korean trade-investment promotion agency and the Konza Technopolis Development Authority.
The deal results from 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 years.
Kenya’s ICT Principal Secretary Jerome Ochieng said that under the EIPP set up, the Korean experience in Urban Development and ICT is expected to contribute to formulating an intelligent city development strategy for Kenya.
He added that Konza Technopolis unique conditions would turn it into an innovation hub for Kenya and Africa.