Ethiopia, South Korea Ink $93m Loan Deal

April 4 , 2020


Ethiopia, South Korea Ink $93m Loan Deal

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.


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