Kenya has signed a financial agreement with Republic of Korea based the signed a project financing agreement of 284.1 Million USD towards the establishment of a state of the art Digital Media City at Konza Technopolis, the Konza Digital Media City . This funding is part of the Kenya and South Korea partnership under the Economic Innovation Partnership Program (EIPP).
The Konza Digital Media City, to be set up on 160acre parcel at Konza Technopolis is proposed as the Anchor tenant for phase 2 of the Konza Technopolis the Konza Digital Media city project and 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.
Significance of the Konza Digital Media City Project
Moreover, the Konza digital media city will offer professional level skilling and commercial services in gaming, animation, filming, photography, and entertainment, software development among others. Hosting film studios, broadcasting stations, and innovators within the media space in a space that will incorporate research, training, propagation of new technologies, innovation, production of digital media content and entertainment facilities.
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 space to enable the country to unlock the opportunities that the creative sector in a tech sector presents to the country’s economic development ambitions.
“We are happy to note that this financing agreement will lead to the realisation of our dream to develop the Africa’s Silicon Savannah and secure its place in the fast-evolving creative sector. The Creative sector in digital era presents a great opportunity for Kenyan creatives to scale their talent and creative skills to the world map.” Dr. Abraham Singoei, CBS Principal Secretary of Foreign Affairs said during the signing ceremony.
The signing of the financing agreement comes at a time Kenya is pursuing global partnerships with established media industry players. During the recent state visit by President William Samoei Ruto to the United States of America, H.E visited the Tyler Perry Studios, one of the biggest creative content creation facilities, appreciating the possibilities that an investment such as the Konza Digital Media city presents for the country.
Funding of the Project
The project will be financed through the Korea Exim bank under a cooperation model framework that finances infrastructure and urban development related projects. The financing agreement of the Konza Digital Media City is part of the Republic of Korea Knowledge sharing and Economic Investment Partnership Program (EIPP) between Kenya and South Korea.
The feasibility study for the project was concluded in January 2023, and the environmental social impact assessment completed successfully in paving way for the financing of the project.
This project builds on the Kenya’s strong ties with South Korea; A country that transformed from a low-income country to a leading global economy anchored on Science, Technology, and innovation. The commitment to nurture the development of Africa’s silicon savannah is evident in the support already realised in the established of the Kenya Advanced Institute of Science and Technology, A post graduate research university that is the knowledge hub of Konza Technopolis. Additionally, under the cooperation agreement. Konza Technopolis has worked with the Republic of Korea expert teams to develop project concepts for the establishment of strategic projects aimed to develop Konza as a science park, innovation hub and smart city with international best standards.
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