Eximbank inks $86m EDCF loan agreement for Ethiopia

The Export-Import Bank of Korea said Tuesday it had signed a loan agreement to provide $86 million from the Economic Development Cooperative Fund for Ethiopia’s project involving a university.

The ceremony was attended by Eximbank Chairman Eun Sung-soo and Ethiopia’s State Minister of Finance Admasu Nebebe during Ethiopian Prime Minister Abiy Ahmed Ali’s state visit to Korea.

The EDCF offers long-term low-interest loans to developing countries, set up and managed by the Korean government to promote economic cooperation and exchanges. 

According to Eximbank, the loan will be used to supply some 1,300 types of high-quality equipment to five research centers at Amada Science and Technology University in Ethiopia. It will promote industrialization and development in science and technology in the country.

Eun, who is also the nominee for chairman of the Financial Services Commission, said Ethiopia is the largest beneficiary of the EDCF in Africa, and it will serve as a bridge for Korean companies to advance into the African market.

By Cho Hyee-su (chohyeesu@heraldcorp.com)