EIPP is an extended cooperation grant model from the Korean government meant to foster mutually beneficial relationships between partner countries and Korea and offered in kind to support identified projects for a maximum of three years.
Konza Technopolis Development Authority (KoTDA) chief executive, John Paul Okwiri (left) alongside KOTRA Kenya boss Hyun Eom, during a press briefing. PHOTO: Courtesy.
By EB Content Studio
Korea Trade-Investment Promotion Agency (KOTRA) has revealed plans to inject a further Ksh34.40 billion ($233.5 million) into the Konza City project in a move that signals the conclusion of the Economic Innovation Partnership Program (EIPP), whose purpose is to fast-track development of the smart city.
This follows the successful completion of the first EIPP projects in March 2022, which comprised the development of the smart city master plan and a feasibility study on the integrated control centre, focusing on security operations besides the set up of an intelligent transport system.
Others included smart mobility plans to realise the urban workings of the city along with consultation for the initiation of a startup ecosystem within the proposed city.
The new cash injection has been segmented into three clusters with the construction stratum taking the lion’s share worth Ksh.33 billion (US$227.01 million)
Basic equipment has been allotted Ksh 850 million (US$5.78 million) while management and monetary system has been offered a total of Ksh 102 million (US$695,222)
In his remarks during the programme’s final reporting session, KOTRA Kenya managing director, Hyun Eom, observed that they were delighted to witness remarkable achievement during the implementation of the EIPP projects.
“Our intention is to deepen our cooperation through promoting Public Private Partnerships so that the Korean business communities can also get involved during the development of Konza Technopolis,” he said.
Konza Technopolis Development Authority (KODRA) CEO, John Paul Okwiri pointed out that local investors and start-ups have a solid chance to be integrated into the plan.
“We will provide a platform where we will be able to incubate, support and develop the innovators and start-ups so that we can fill those gaps,” Okwiri said.
The facility’s capacity is further intended to ensure it can meet the demands of a rapidly growing East African market and facilitate seamless trade operations.
He added that implementation of a smart transportation corridor between Konza city and Nairobi would enhance trade and improve connectivity within Nairobi and its environs.
“The intelligent transport system is one of the four projects that has been successfully studied and once implemented, Konza will essentially act as a strategic logistics hub between Nairobi and Mombasa,” noted Okwiri.
The monitoring systems have so far instilled confidence in traders, leading to an influx of investments and an expansion of business opportunities.
EIPP is an extended cooperation grant model from the Korean government meant to foster mutually beneficial relationships between partner countries and Korea. The grant is offered in kind, supporting identified projects for a maximum of three years. The program’s key objectives include the development of mid and long-term development strategies, improvements in legal and systemic frameworks, infrastructure planning, and financing strategies.
The 2022/23 Kenya-Korea EIPP was executed through the combined efforts of the Korea Trade-Investment & Promotion Agency (KOTRA) and the Konza Technopolis Development Authority (KoTDA).
