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Ethiopia Signs Loan Agreements with Export Import Bank of Korea

Ethiopia Signs Loan Agreements with Export Import Bank of Korea

Two concessional Loan Agreements amounting 70 million USD (equivalent to 2.4 billion ETB) were signed between the Federal Democratic Republic of Ethiopia and the Government of the Republic of Korea at a ceremony held at the Ministry of Finance (MoF) with a view to support COVID19 Emergency Crisis Response Budget Support Program and Medical Equipment Provision Project in response to COVID19.

The first agreement is aimed to support the Government of Ethiopia’s effort and fill the budgetary gap to implement the government’s COVID19 response plan on health sector. The project loan amounts 40 million USD.

The second agreement is to finance Medical Equipment Provision Project in response to COVID19 Project amounting 30 million USD with major objective of enhancing the quality of medical service in response to COVID19 pandemic by (i) supplying the medical equipment; (ii) supplying the maintenance service; and (iii) providing capacity building.

 

The Loan Agreements were signed by H.E. Ato Ahmed Shide, Minister of MoF and H.E. Mr. Bang Moon-Kyu Chairman and President, EXIM Bank of Korea.

 

Due to the current global Coronavirus disease (COVID-19) outbreak, the signing was held via a virtual ceremony to ensure the WHO recommended social distancing.


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