The Public Research University to be established in Konza Techno City outside Nairobi will receive 1.5 billion shillings (about 14.5 million US dollars) funding annually from the National Treasury.
According to information from the Konza Technopolis Development Authority (KOTDA), the public research university will be established by the Kenyan government in partnership with the government of the Republic of Korea (ROK).
KOTDA says the National Treasury will begin making the allocations in the 2019/2020 fiscal year for the project located 60 kilometres away from Nairobi.
The Ministries of Education and Information, Communications and Technology also want the National Treasury to further set up a 1.5 billion shillings endowment fund to ensure the financial sustainability of the university.
KOTDA Chief Executive Officer John Tanui says the money will go towards salaries for the faculty and staff, scholarships, as well as operational and maintenance costs.
Tanui however, said that once the institution is running, it will have its own source of funds. Once the institution runs effectively, it will have its own leadership and its faculties of learning, research and innovation will start generating money through linkages with the private sector.
Plans to establish the Kenya Advanced Institute of Science and Technology (KAIST) were first announced in May last year following a meeting between President Uhuru Kenyatta and ROK President Park Guen-hye.
At the time, Seoul committed to invest 10 billion shillings in the university which will be modeled after the Korea Advanced Institute of Science and Technology.
Source: NAM NEWS NETWORK