The Kenya Advanced Institute of Science and Technology (KAIST) is expected to become operational in three years following the commitment by South Korea to avail Ksh 9.4 billion towards the project.
Speaking during the signing of the agreement, ICT Principal Secretary Jerome Ochieng said the institute will be crucial in enhancing existing industry skills gap while helping commercialize innovations to accelerate economic growth.
The institute will be located at the Konza Technopolis.
Kenya-KAIST is set to be modeled around the Korea Advanced Institute of Advanced Technology, credited for transforming the Asian nation to be among world leaders in the field of technology.
Already Education Ministry has appointed a consortium of Korea Advanced Institute of Science and Technology, Architects & Engineering Co. Ltd. and SUNJIN Engineering & Architecture CO. Ltd to undertake the architectural design and curriculum design for a new university.
According to Ochieng, the university will see enhanced skills transfer between the two countries will ensure Kenya benefit through commercialization of some the innovations.
The university which will be at the Konza Technopolis is expected to accommodate a minimum of 6500 students, 520 staff and 260 faculties.
Kenya-KAIST further aims at attracting research and development, education and commercial partners.
Ksh 40 billion has already been allocated to the 400-acre phase one for construction of roads, water, wastewater treatment plant and power distribution to be completed in two years.