In a significant development, Kenya has secured two financing agreements totaling KSh31.1 billion ($238 million) from the Korea Exim Bank to fund the Konza Technopolis project in Malili, Machakos County.

The agreements were signed on the sidelines of the 2024 Korea-Africa Summit, which President William Ruto is attending in Seoul, South Korea.

Kenya’s Foreign Affairs Principal Secretary Korir Sing’oei represented the country during the signing on Monday, while the Korea Exim Bank was represented by its Executive Director, Hwang Kiyeon.

Speaking about the deal, PS Sing’oei stated the financing will be a game-changer for the Konza Technopolis project, as it will enable the country to accelerate the development of this crucial infrastructure project.

The Korea Exim Bank, formally called the Export-Import Bank of Korea, is the official export credit agency of South Korea.

The financing agreements are expected to provide a significant boost to the Konza Technopolis project, which aims to transform the region into a thriving technology hub.

The Konza Technopolis project is a key component of Kenya’s Vision 2030 development blueprint, which aims to transform the country into a middle-income economy by 2030. The project is expected to create thousands of jobs and attract significant investment in the technology sector.

The signing of these financing agreements with the Korea Eximbank is a testament to the strong partnership between Kenya and South Korea and is expected to further strengthen economic ties between the two countries.