The Kenyan government has allocated $125.3 million to the Information, Communication, and Technology (ICT) sector for the fiscal year 2024/2025 which begins on July 1, 2024.
Here’s a breakdown of the allocation:
- $8.5 million for government shared services
- $5.4 million for the construction of a digital superhighway
- $17.7 million for the Kenya Advanced Institute of Science and Technology in Konza Technopolis
- $11.5 million for the first phase of horizontal infrastructure development in Konza Technopolis City
- $40 million for the establishment of the Konza Data Centre and Smart City Facilities in Konza Technopolis City
- $21.6 million to support the Kenya Digital Economy Acceleration Project
- $21.6 million for the upkeep and modernization of the Last Mile County Connectivity Network
- .$3.90M (Sh5 billion) allocated to Hustler Fund
Disclosing the allocation, Treasury Cabinet Secretary Prof Njuguna Ndung’u highlighted the significance of investments in the digital superhighway and the creative economy, noting their pivotal role in driving the government’s bottom-up economic transformation agenda by enhancing productivity and competitiveness.
He added,”These investments are instrumental in creating employment opportunities for the youth.”
It’s worth noting that Hustler Fund, which has seen $76.8 million in defaults since its inception in 2022, has been allocated $38.4 million for the upcoming year. This represents a nearly 50% reduction from the previous year’s investment of $76.8 million into the fund.
“In transformation of SMEs’ the government allocates Ksh. 5 Billion inclusion to the Hustler fund.”