EXIM Bank of Korea Extends 264 Million USD Loan

Addis  Ababa April  22/2019 The Export-Import Bank of Korea has extended 264 million USD loan to support Ethiopia's efforts to expand energy production capacity and agriculture production.

The Export-Import Bank of Korea has extended 264 million USD loan to support Ethiopia's efforts to expand energy production capacity and agriculture production.

Finance Minister Ahmed Shide and Export-Import Bank of Korea Senior Executive Director Shin Deog-Yong signed the loan  agreement.

Speaking at the signing ceremony, Ahmed Shide said the Korean EXIM Bank is a reliable Ethiopian development partner and the agreement will have immense role to develop the energy and the agriculture sectors which are Ethiopia's priority areas of development.   

According to the minister, the first project will consume 170 million USD to supply power in south western part of the country, provide stable power for Omo Kuraz Sugar Factory  under construction and Arba Minch Industrial Park.

He said 94 million USD has been earmarked for the second project whose main objective is to contribute to sustainable increase in agriculture production, construct stable irrigation infrastructure, enhance farm household incomes and alleviate absolute poverty in Ada'a-Becho Plain.  

Export-Import Bank of Korea Senior Executive Director Shin Deog-Yong said Ethiopia is one of the most important partner countries of Korea and the EXIM Bank will make every endeavor to support the country's energy development.

“I expect the continuous interest and active cooperation of the Ethiopian government that the projects would contribute to sustainable development and our bilateral cooperation,” Shin Deog-Yong underscored.