June 13, 2024
LOANS: President Ruto Secures Ksh63.5B From South Korea

LOANS: President Ruto Secures Ksh63.5B From South Korea

President William Ruto announced on Tuesday that Kenya had received Ksh63.5 billion (USD485 million) from South Korea.

Ruto stated that the funding was intended to improve the digital ecosystem and expand opportunities for youth in the creative economy.

Part of the funds will be used to develop the Konza Digital Media City Project, as previously announced 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, which will take place at the Korea International Exhibition Center in Goyang.

Ruto emphasized that the Korean government and investors played an important role in developing Africa’s potential for opportunity and investment.

He added that Kenya was an important investment destination because of its dynamic young and skilled population, abundant arable land, massive 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 issued by the Korean Ministry of Agriculture, Food, and Rural Affairs, Ruto and other presidents of African countries and companies will discuss global supply chain cooperation from both sides.

The presidents will also discuss with the Ministry how to strengthen reciprocal cooperation on global supply chains by leveraging Korea’s advanced agricultural technologies and expertise, as well as Africa’s vast reserves 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.

Korea’s Minister for Agriculture, Food, and Rural Affairs, Song Miryung, has promised to assist Kenya in developing its agriculture.

Song will also help Korean companies in the K-food, agricultural equipment, and other sectors enter the African market.

LOANS: President Ruto Secures Ksh63.5B From South Korea

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