Korea Pledges $63m for Bus Transit Corridor

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Korea Pledges $63m for Bus Transit Corridor

Sep 28 , 2019

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The Export Import Bank of Korea pledged 63 million dollars in loans for the construction of a bus rapid transit (BRT) corridor in the capital city. 11.5Km in length, the corridor runs from Torhailoch Square to Addis Abeba's Bole Airport via Pushkin Square, Gotera and Wello Sefer. Kokeb Misrak, director of bilateral cooperation at the Ministry of Finance, Mesfin Mengistu, deputy head of Addis Abeba Transport Bureau, and Moon Jae Jeong, Africa group director of Korea Ex-Im Bank, signed the agreement at the end of last week. With a 15-year grace period and an interest rate of 0.01pc, the loan will be repaid within 40 years. The corridor will have two terminals and 17 bus stations at 630-metre intervals on average.

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