Kenya has secured USD238 million (approximately Ksh30.9 billion) from the Korea Exim Bank for the funding of the Konza Digital Media City.

In a statement on Tuesday, June 4, Foreign Affairs Principal Secretary Korir Sing'oei disclosed that the funding was to establish a cutting-edge film and creative economy hub at Konza Technopolis.

"On the sidelines of the Korea-Africa summit, the government of Kenya and Korea Exim Bank, represented by Executive Director and Board Member H.E. Hwang Kiyeon, signed two funding agreements amounting to US$ 238M for the financing of Konza Digital Media City project to establish a cutting edge film and creative economy hub at Konza Technopolis," Korir stated.

The Konza Digital Media City (DMC) project is designed to position Kenya as a creative and content industry leader in Africa by providing a state-of-the-art facility to promote the emerging creative sector. 

The Konza DMC, which will be established on a 160-acre parcel of land, 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.

The financing came at a time when President William Ruto was attending the Korea-Africa summit at South Korea's capital, Seoul.

Upon arrival in Korea on Monday, June 3, the president asserted that the Korea-Africa Summit was an opportunity to develop build stronger bonds with the Asian giant.

"The Korea-Africa Summit presents us with an opportunity to forge strong ties with the Asian giant, leveraging our combined strengths to promote mutual growth, address global challenges, and enhance solidarity for peace and security," President Ruto remarked.

According to Korir, the Head of State, in his statement at the summit, emphasized that engagement with Africa was a smart choice and a critical imperative for any continent serious on a sustainable, prosperous and peaceful future.

President Ruto further encouraged South Korea to prioritize partnerships with Africa in the food security, technology, and health sectors, among others.

Meanwhile, Konza Technopolis was envisioned to be a sustainable, world-class technology hub and a major economic driver for the nation when it was launched in 2008.