ADDIS ABABA – Ethiopia and South Korea on Tuesday signed a 300 million USD framework arrangement with the view of financing high priority projects for the years 2019-20 with concessional loans.
The loan will be used for the establishment of five centers of Excellence for Adama Science and Technology University project and the Addis Ababa Bus Rapid Transit Line (BRT) project, and other projects under consultation between the two countries.
On the occasion, Admasu Nebebe, State Minister of Finance, stated that the proceeds from the agreement will go to priority areas agreed between the two countries. In relation to the partnership with the Korean Exim Bank, Admasu said, one power transmission is completed whilst two road projects are ongoing currently. “We are also preparing to sign agreements for one transmission and one groundwater projects.”
Citing how Korea’s economic development served as lesson for Ethiopia’s aspirations of achieving rapid, sustainable and broad-based development, the State Minister urged both countries to create more projects of mutual benefit in the years to come that would help intensify the established links between them.
Lim Hoon-min, Ambassador of the Republic of Korea to Ethiopia, for his part said that the agreement will provide the financial basis for large-scale projects between the two governments for the next two years.
Calling the bilateral relations that exist between the two as ‘special’ that goes back to the days when Ethiopia participated in the Korea War, the Ambassador assured that his country will continue to enhance the bilateral relations and provide adequate support to Ethiopia’s endeavor of achieving the GTP II goals by 2025.
Korea provides its support mainly in the areas of transportation, energy, water management, regional development and education so as to contribute the promotion of the manufacturing industry and job creation.
It was learned that the last framework arrangement signed by the two governments amounted to 500 million USD, covering the year 2016-18.
The Ethiopian Herald April 16, 2019
BY ROBEL YOHANNES
