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.