The government of Kenya has secured $238 million (Ksh31.6 billion) loan from South Korea based bank.
Kenya’s Principal Secretary (PS) in the Ministry of Foreign Affairs Dr. Abraham Korir Sing’Oei signed the agreements with Korea Exim Bank Executive Director Hwang Kiyeon on behalf of President William Ruto.
“On the sidelines of the Korea-Africa summit, the government of Kenya and Korea Exim Bank, represented by Executive Director and Board Member Hwang Kiyeon, signed two funding agreements amounting to US$ 238M.Honoured to represent the government at the signing ceremony,” Korir said.
The PS explained that the money is meant for the financing of Konza Digital Media City project.
Korir said the government will use the funds to establish a cutting-edge film and creative economy hub at Konza Technopolis.
“We are happy to note that this financing agreement will lead to the realization of our dream to develop Africa’s Silicon Savannah and secure its place in the fast-evolving creative sector. The Creative sector in digital era presents a great opportunity for Kenyan creatives to scale their talent and creative skills to the world map,” the PS said.
Kenya-South Korea Partnership
This financing is part of the Kenya and South Korea partnership under the Economic Innovation Partnership Program (EIPP).
The project will be financed through the Korea Exim bank under a cooperation model framework that finances infrastructure and urban development related projects.
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Konza Project
The Konza Digital Media City (DMC) project is designed to position Kenya as a creative and content industry leader in Africa.
It will provide a state-of-the-art facility to promote the emerging creative sector space to enable the country to unlock the opportunities that the creative sector in a tech sector presents to the country’s economic development ambitions.
The Konza Digital Media City, to be established on 160acre parcel at Konza Technopolis is proposed as the Anchor tenant for phase two of the Konza Technopolis the Konza Digital Media city project.
Facilities
It aims to develop a top tier digital media hub by establishing both the critical infrastructure and programs needed to unlock the opportunity that the creative sector in a digital economy presents.
The facility will host, among others, multi-media training institutes, digital media enterprises, postproduction studios (gaming and animation), and music production, among other digital media content.
Additionally, the Konza digital media city will offer professional level skilling and commercial services in gaming, animation, filming, photography, entertainment, software development among others.
The signing of the financing agreement comes at a time Kenya is pursuing global partnerships with established media industry players.
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CEO Comments on Funds
Konza Technopolis Development Authority (KoTDA) CEO Eng. John Tanui said the fund is a big boost to the content and media industry in Kenya.
Tanui said Kenya’s creative industry is estimated to have recorded over $2 billion (Ksh265 billion) in total sales and is projected to grow annually at 10.3 percent contributing to the country’s GDP.
“We are keen to establish partnerships at the very start of this next level milestone, Konza DMC is designed to facilitate the creation, adaptation, and application of creative knowledge by providing state of the art facilities, infrastructures and incentives required for facilitating growth of creative industries and encourage development of local talents. To realise the vision, we will work collaboratively with private sector players,” Eng. Tanui said.
During the recent state visit by President Ruto to the United States of America, he visited the Tyler Perry Studios, one of the biggest creative content creation facilities, appreciating the possibilities that an investment such as the Konza Digital Media city presents for the country.
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