Kenya secures Sh63 billion funding from South Korea for tech development

President William Ruto and his South Korea counterpart Yoon Suk Yeol at the sidelines of the Africa Summit in Seuol. [Twitter, William Ruto]

President William Ruto has received USD 485 million (Sh63 billion) from South Korea, aimed at supporting Kenya’s development initiatives. 

The funds, which include USD 238 million (Sh31 billion) allocated for the Konza Digital Media City Project, are expected to enhance the nation’s digital infrastructure and create new opportunities for Kenyan youth in the creative sector.

“The funds will bolster the digital ecosystem and expand opportunities for the youth in the creative economy,” Ruto said on Tuesday, May 6.

“We value our strong relations with South Korea, which continues to make a significant contribution to Kenya’s development, especially in technology,” he added.

Ruto, who is attending the inaugural Korea Africa Summit in Seuol, highlighted Korea’s pivotal role in Africa’s transformation. 

The theme of the summit, ‘The Future We Make Together: Shared Growth, Sustainability and Solidarity,’ reflects the commitment to strengthening ties and fostering collaboration between the two regions.

“This summit demonstrates a resolve to elevate this relationship and mobilise political will needed for Africa and Korea to prosper together through mutually beneficial collaborations. To do this, we must leverage on our complementarities and implement win-win strategies on the basis of equal partnership,” Ruto noted.

At the same time, the Head of State expressed Africa’s eagerness to engage with Korean investors to transform the continent’s potential into tangible opportunities.