Korea Eximbank, Ethiopia Ink 86m USD Loan Agreement

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Addis Ababa ENA August 27/2019 Korea Export-Import Bank (Eximbank) has signed a loan agreement of 86 million USD with Ethiopia for project involving a university, Korean Herald reported.

The signing ceremony was attended by Eximbank Chairman, Eun Sung-soo and Ethiopia’s Finance State Minister, Admasu Nebebe.

The Economic Development Cooperative Fund (EDCF), set up and managed by the Korean government to promote economic cooperation and exchanges, offers long-term low-interest loans to developing countries.

According to Eximbank, the loan will be used to supply some 1,300 types of high-quality equipment at five research centers at Adama Science and Technology University in Ethiopia.

It will also promote the country’s industrialization and develop science and technology.