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Korea's Eximbank to Provide Ethiopia with $70 Mn in Response to COVID-19

korea-eximbankKorea Eximbank, the export-import bank of South Korea, gives an additional $70 million to help Ethiopia fight COVID-19. 

Ethiopian officials signed two loan agreements with officials of the bank on Monday. The first agreement, amounting to $30 million, is for the medical equipment provision project, while the rest, $40 million is for the emergency response budget support program.

The fund, it was reported, is to be provided via Sout Korean government's aid program, the Economic Development Cooperation Fund (EDCF). 

Ethiopia is the first country in Africa to obtain concessional loans from EDCF in response to the coronavirus pandemic.

"Ethiopia and Korea have continued the historically special cooperation since Ethiopia dispatched a ground troop during the Korean War," Lim Hoon-Min, South Korean Ambassador to Ethiopia, noted. In this regard, the ambassador said, his government provides "more active support to Ethiopia than any other country."

Ambassador Lim pointed out that Korea is "discussing with the Ethiopian government on additional support for capacity building on prevention/disinfection system."

"The Korean government will further cooperate with the international community in the spirit of solidarity and cooperation by carrying out timely and substantial ODA (Official Development Assistance) projects. Ethiopia will always be considered a top priority," he said.


Source: Ethiopian Monitor