ADDIS ABABA (ENA) – Ethiopia has signed two concessional loan agreements with Export Import Bank of South Korea amounting 93 million USD.
The agreement, which was signed on Wednesday, will fund establishment of Addis Ababa Bus Rapid Transit and Land Information Management System projects.
The agreement was signed between State Minister of Finance, Admasu Nebebe and
Shin Deog-Young, Korea EXIM Bank Senior Executive Director.
The first project is intended to enhance mobility and accessibility by increasing number of commuters’ using public transportation, reduce social cost incurred by traffic congestion and accidents, and improve atmospheric environment.
According to the Ministry, the project loan amounts 63 million USD, which will be completed within 5 years.
The second loan agreement is aimed at reducing social conflicts by constructing and managing accurate land information improves tax collection based on exact data on land ownership and improves land administration services for the five largest cities in the country.
The loan amount for this project is 30 million USD and expected to be completed within 6 years.
The Ethiopian Herald April 3/2020
