Kenya gets KSh120B loan from South Korea to support infrastructure projects

for Tv47 Digital November 24, 2022, 07:46 AM
Kenya signs KSh120B loan from South Korea
From left to right: President William Ruto, his South Korean counterpart Yoon Suk Yeol, First Lady Rachel Ruto and a Korean official during the signing of a deal that will see the Asian country extend a KSh120 billion loan to Kenya. PHOTO/STATE HOUSE

In Summary

  • President William Ruto and his South Korean counterpart Yoon Suk Yeol witnessed the signing of the agreement at Yongsan Presidential Office, Seoul, South Korea.

  • President Ruto said the agreement will stimulate economic development through manufacturing, agro-processing and value addition.

South Korea has agreed to support Kenya's development programmes by committing KSh120 billion (US 1 billion dollars) to various projects.

The funds will be used in Agriculture, ICT, Health, Energy, Infrastructure, Education, affordable housing and urban transport.

President William Ruto and his South Korean counterpart Yoon Suk Yeol witnessed the signing of the agreement at Yongsan Presidential Office, Seoul, South Korea.

President Ruto said the agreement will stimulate economic development through manufacturing, agro-processing and value addition.

The deal includes the development of special economic zones (SEZs) in Dongo Kundu, Lamu, Naivasha, Athi River, Sagana and the construction of dams.

Konza Technopolis

Kenya will also work with South Korea to develop manufacturing plants in the Konza Technopolis, an export promotion zone dedicated to pharmaceutical manufacturing, vaccine production and value addition in agriculture.

"We are committed to implementing strategies to increase farm productivity and seek your Government’s support for agricultural mechanization as well as cooperation in research and technological innovation," President Ruto said during the signing of the deal in Seoul.

The two Heads of States also agreed to partner in green energy, security and the development of the Nairobi Intelligent Transport System and Bus Rapid Transit network to decongest the city.

President Yeol said the government of South Korea will help Kenya to manage the effects of drought.


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