Korea Provides 70 Mln USD Loan for Tackling COVID-19

Addis Ababa 20/2020 (ENA) The Export-Import Bank of Korea (Korea Eximbank) and Ministry of Finance have signed 70 million USD loan agreement with Ethiopia to support efforts to tackle COVID-19.
The agreement will cover both medical equipment provision project and COVID-19 emergency response budget support program, press release of the Korean Embassy in Ethiopia said.

It will be provided through the Korean government’s aid program and the Economic Development Cooperation Fund (EDCF).

Minister of Finance Ahmed Shide signed the agreement today in Addis Ababa and Korea Eximbank Chairman and President Bang Moon-kyu on June 30 in Seoul, remotely in their countries in the midst of the ongoing pandemic crisis, the embassy added.

According to the press statement, Korea Ambassador to Ethiopia LIM Hoon-min said “Ethiopia and Korea have continued the historically special cooperation since Ethiopia dispatched a ground troop during the Korean War. In this regard, the Korean government is providing more active support to Ethiopia than any other countries.”

Prime Minister Abiy and President Moon have discussed about how to further cooperate in response to the COVID-19 through phone conversation, and foreign ministers of the two countries also had a phone conversation to have a discussion on COVID-19 emergency response, he elaborated.

The Korean government is reportedly discussing with the Ethiopian government about additional support for capacity building on prevention/disinfection system.

Ambassador Hoon-min pointed out that “the Korean government will further cooperate with the international community in the spirit of solidarity and cooperation by carrying out timely and substantial ODA (Official Development Assistance) projects. Ethiopia will always be considered top priority.”

In order to complete the remaining procedure for this loan agreement, it will be submitted to the House of People’s Representatives for ratification.