Ethiopia, South Korea Ink $93m Loan Deal

Apr 4 , 2020


[ssba-buttons]

Ethiopia has signed two loan agreements with the Export-Import Bank of Korea to borrow 93 million dollars. The loan will be dedicated to the establishment of the Addis Abeba Bus Rapid Transit and Land Information Management System projects. Admasu Nebebe, state minister for Finance, and Shin Deog-Young, senior executive at the Bank, signed the agreement on April 1, 2020. The first loan, which amounts to 63 million dollars, is committed to improving the mobility and accessibility of commuters using public transportation, reducing the social cost incurred by traffic congestion and accidents, and improving the health of the atmosphere. The project is expected to be completed within five years. The second loan, worth 30 million dollars, is dedicated to decreasing social conflicts by constructing and managing accurate land information, improving tax collection based on exact data of land ownership, and improving land administration services for the five largest cities in the country. The project is planned to be completed within six years.


Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...