Ethiopia signs Grant Agreement with the Republic of Korea, represented by Korea

March 23, 2021

 

Ethiopia signs grant agreement amounting to 32 million USD (Approximately 1,332,313,600 Birr) with the Republic of Korea, represented by the Korea International Cooperation Agency during a ceremony held in the Ministry of Finance.

The three projects which will be financed by this grant agreement and are going to be implemented in the coming five years (2021-2025) are

  • Rural Agricultural Value Chain Improvement through Linking Smallholder Farmers with Rural Transformation Center,
  • Climate Resilient Forest and Landscape Restoration as well as
  • Supporting Watershed Development Master Plan Development for Addis Ababa City and Clearing upstream of Sheger River.

The project's main objective of Ethiopia's Climate Resilient Forest and Landscape Rehabilitation Program is to secure the provision of forest ecosystem services improves climate resilience and support national green growth which intended to benefit 11,100 households covering 55,000 local population.

Moreover, the Rural Agricultural Value-chain Improvement Project through Linking Small-holder Farmers with Rural Transformation Center project's purpose is to reinforce the agricultural value chain in the Amhara region and accelerate the development of the rural economy through providing support.

Similarly, the Watershed development project which has a total budget of no more than ten million US dollars (USD10,000,000) will make significant contributions to beautifying the city.

During the signing ceremony, H.E Yasmin Wohabrebbi State Minister Ministry of Finance stated that Korea has proved to be a true friend of Ethiopia over the years. She added that today’s event also marks hard work and close coordination between the governments of Ethiopia and South Korea.

The agreements were signed by H.E Yasmin Wohabrebbi State Minister of Finance and H.E Dong Ho, Kim Country Director of Korea International Cooperation Agency Ethiopian Office.

876 Views