Ethiopia, Korea EXIM Bank Sign $70m Loan

Ethiopia and the EXIM Bank of Korea have signed a 70-million-dollar loan agreement that will be used to cover costs related to Novel Coronavirus (COVID-19). The loan agreement was signed between Ahmed Shide, minister of Finance, and Bang Moon, president of EXIM Bank of Korea. From the total value, 40 million dollars will be used to fill the budget deficit Ethiopia may encounter due to the expenses the government has accumulated in fighting the virus. The remaining funds will be used for the procurement of medical equipment that will be used for the prevention and treatment of COVID-19. The concessional loan the two countries have signed will be paid over a longer period of time, according to a statement from the Ministry of Finance.



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