Ethiopia, South Korea Sign 300 Million USD Grant Agreement

South-Korea-Ethiopia-LoanApril 16, 2019 -- Ethiopia received a grant of 300 million USD from South Korea, according ENA report.

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

The concessional grant will be allocated to the priority sectors agreed between the two countries within years 2019 to 2020.

It will be used for the construction of Adama Center of Excellence and construction of Addis Ababa express bus ways 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 maintain Ethiopia as priority country and continue to be our partner during the realization of our successive development plans,” he added.

Ambassador Lim Hoon-min said South Korea would like to encourage Ethiopia’s development activities and intends to strengthen bilateral relationships in economy, diplomatic, and cultural spheres.

Source: ENA

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