An artist impression of Konza city. [Photo/business today]
South Korea's Eximbank is set to loan Kenya Ksh 9.8 billion to finance the establishment of the Kenya Advanced Institute of Science and Technology (KAIST) at Konza city.
National Treasury Cabinet Secretary Henry Rotich said the loan is part of an Economic Development Cooperation Fund (EDCF) for the establishment of KAIST.
“The establishment of KAIST will enhance the quality of higher learning while nurturing a technologically advanced population producing young creative talents and leaders,” he said.
The institution will occupy about 400 acres of land at Konza Technopolis City.
It will provide an opportunity to creation of 17,000 new jobs once it is completed.
Rotich hailed the Korean government for funding and successfully completing the Technology Development Center Extension project in Athi River through the EDCF loan of Ksh 837.9 million.
“The project has contributed to the economic development of our country by effectively strengthening human resource development at the industrial and informal sectors level through training,” Rotich explained.
He said that the Ksh 1.3 billion grant extended, will be committed to capacity enhancement of the National Industrial Training Authority (NITA).