The funding agreement was signed today on the sidelines of the Korea-Africa summit, attended by Kenya’s president William Ruto.

Kenya has secured $238 million from the Korea Exim Bank for the funding of the Konza Digital Media City.

The funding agreement was signed today on the sidelines of the Korea-Africa summit, attended by Kenya’s president William Ruto. The summit is being held in South Korea's capital, Seoul.

According to a statement from Kenya’s foreign affairs principal secretary Korir Sing'oei, the funding will go towards the establishment of 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," Sing'oei stated.

The funding comes just two years after the Kenyan government, through the ICT Ministry, in collaboration with South Korean government launched a feasibility study for the Konza Digital Media City project. The project is being implemented at the Konza Technopolis with the support of Korea-Exim Bank, the official export credit agency of South Korea.

The media hub’s main objective is to promote the development of the creative and cultural sector, and establish an ecosystem for training, research and innovation in the digital media and entertainment industries in Kenya and the African region.

The Konza Technopolis was commissioned back in 2009 as a flagship Kenya Vision 2030 project. The City will also harbour the Konza Campus, a shared ICT platform for education systems for both local and international universities. The government has positioned it as an e-government commerce giant targeted at both government agencies and the private sector.