Ethiopia and South Korea sign $ 300 million concession agreement



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South Korea-Ethiopia-Loan April 16, 2019 – Ethiopia has received a donation of 300 million dollars from South Korea, according to the ENA report.

The grant agreement was signed between Finance Minister Admasu Nebebe and the South Korean ambassador to Ethiopia, Lim Hoon-min.

The concessional grant will be allocated to the priority sectors agreed between the two countries in the period 2019-2020.

It will be used for the construction of the Adama Center of Excellence and construction of Addis Ababa express bus routes as well as other development projects.

During the signing ceremony, Minister Admasu Kebebe said the agreement is an indication of mutual cooperation and shared interest between the two countries. "South Korea will keep Ethiopia as a priority country and will continue to be our partner during our successive development plans," he added.

Ambassador Lim Hoon-min said that South Korea would like to encourage Ethiopia's development activities and aims to strengthen bilateral relations in the economic, diplomatic and cultural spheres.

Source: ENA

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