South Korean Makes additional $70mln Support to Ethiopia

ADDIS ABEBA – The Export-Import Bank of Korea or Korea Eximbank has provided an additional 70 million US dollars to Ethiopia to support its government’s effort to emergent preventive measures against COVID-19.

Officials of Korea Eximbank and Ethiopian signed two loan agreements, accounting for a total of USD 70 million US dollars, on Monday.

The new fund will cover both ‘Medical Equipment Provision Project’, amounting to USD 30 million, and ‘COVID-19 Emergency Response Budget Support Program’ worth USD 40 million.

The money will be provided through the Korean government’s aid program, the Economic Development Cooperation Fund (EDCF).

Ethiopia is the first African country to which Korea Eximbank provides EDCF concessional loans for the purpose of emergency response to tackle COVID-19.

South Korean Ambassador to Ethiopia, Lim Hoon-min explained “Ethiopia and Korea have continued the historically special cooperation since Ethiopia dispatched a ground troop during the Korean War”.

“In this regard, the Korean government is providing more active support to Ethiopia than any other country,” said ambassador Lim in a statement South Korean embassy sent to The Monitor.

Recently, Ethiopia’s Prime Minister Abiy and President of South Korea Moon discussed how to further cooperate in response to the COVID-19 via phone conversation. Foreign ministers of the two countries also had a similar conversation.

Prior to the latest support, the Korean community in Ethiopia including the Embassy, development agencies, businesses, and NGOs contributed medical supplies on May 12.

“The Korean government is also discussing with the Ethiopian government on additional support for capacity building on prevention/disinfection system,” ambassador Lim said.

“The Korean government will further cooperate with the international community in the spirit of solidarity and cooperation by carrying out timely and substantial ODA (Official Development Assistance) projects. Ethiopia will always be considered a top priority,” he concluded.

[Photo File/Yon hap news]