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Ethiopia Signs Loan Arrangements with Export Import Bank of Korea

Ethiopia Signs Loan Arrangements with Export Import Bank of Korea

Two concessional Loan Agreements amounting 93 million USD (equivalent to 3 billion ETB) were signed between the Federal Democratic Republic of Ethiopia and the Government of the Republic of Korea for the “Establishment of Addis Ababa Bus Rapid Transit” and “Land Information Management System (LIMS)” via a virtual ceremony held to ensure the WHO recommended social distancing due to the current global Coronavirus disease (COVID-19) outbreak.

 

The first project is intended to (i) enhance mobility and accessibility by increasing the number of passengers using public transportation; (ii) reduce social costs incurred by traffic congestion and accidents; and (iii) improve atmospheric environment. The project loan amounts 63 million USD and is expected to be completed within 5 years.

 

The second agreement is aimed at (i) reducing social conflicts by constructing and managing accurate land information; (ii) Improve tax collection based on exact data on land ownership; and (iii) improve land administration service by developing land information management system to be implemented in five largest cities in Ethiopia. The project loan amounts 30 million USD and is expected to be completed within 6 years.

 

The Loan Agreements were signed by H.E. Ato Admasu Nebebe, State Minister of MoF and H.E. Mr. Shin Deog-Yong Senior Executive Director, EXIM Bank of Korea.


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