President William Ruto on Tuesday, announced that Kenya had secured Ksh63.5 billion (USD485 million) in the form of a concessional loan from South Korea.
Ruto revealed that the funding was aimed at improving the digital ecosystem and expanding opportunities for the youth in the creative economy.
Part of the funding shall be used in the development funding of the Konza Digital Media City Project as announced earlier by Foreign Affairs Principal Secretary Korir Sing'Oei.
"We value our strong relations with South Korea, which continues to make a significant contribution to Kenya's development, especially in technology," Ruto stated.
The Head of State is in the Asian country for the inaugural Korea-Africa Summit held at the Korea International Exhibition Center in Goyang.
Ruto emphasised that the Korean government and Korean investors played a key role in developing Africa's potential for opportunity and investment.
He added that Kenya was a key investment destination due to its dynamic youthful and skilled population, abundant arable land, huge renewable energy reserves and vast mineral resources.
"Through a robust partnership with Korea, we also aim at enhancing the opportunities that provide jobs and economic growth in sectors such as food security, science and technology and health security," Ruto stated.
According to a statement from the Korean Ministry of Agriculture, Food and Rural Affairs, Ruto and other presidents of the participating African countries and companies will discuss global supply chain cooperation from both sides.
The presidents will also discuss with the Ministry ways to strengthen reciprocal cooperation on global supply chains by taking advantage of Korea's advanced technologies and expertise in agriculture and Africa's large wealth of core minerals.
"There will be discussions on diverse ways directed towards building a mutually-constructive and future-oriented partnership between Korea and Africa and thus making a joint response to a global challenge such as climate change," reads part of the statement.
Song Miryung, the Minister for Agriculture, Food and Rural Affairs has assured that Korea will help Kenya achieve agricultural development.
Also, Song will pave the way for Korean companies related to K-food, Korean agricultural equipment and other sectors to enter the African market.
