Addis Ababa 16/2019 Ethiopia and South Korea have signed a framework arrangement amounting to 300 million USD in the form of highly concessional resource today.
The proceeds from the agreement will be allocated to the priority sectors agreed between the two countries within years 2019 to 2020, it was learnt.
It will specifically be used for the construction of Adama Center of Excellence and construction of Addis Ababa express bus ways as well as other development projects.
Finance State Minister Admasu Nebebe and South Korean Ambassador to Ethiopia Lim Hoon-min signed the agreement.
During the signing ceremony, the state minister said the agreement is an indication of mutual cooperation and shared interest to create sustainable partnership.
He also added that “South Korea will maintain Ethiopia as priority country and continue to be our partner during the realization of our successive development plans.”
Ambassador Lim Hoon-min said South Korea encourages Ethiopia’s development activities and will strengthen bilateral relationships in economy, diplomatic, and cultural spheres.
According to Ministry of Finance, the last framework arrangement signed between Ethiopia and South Korea was in 2015 and it amounts 500 million USD, covering the years 2016-2018 .