Korea Exim Bank provides $264 million to Ethiopia

South Korea Exim Bank has provided $264 million loan to the Government of Ethiopia supporting ongoing development projects of the government.

Of the total $170 million will be used for national electricity project involving transmission line in the southern part of the country. When completed the project will enable Ethiopia to provide electricity to its mega sugar projects such as Omo Sugar Factory, Arba Minch Industrial Park and towns in north west part of the country.

The remaining $94 million loan will be used for irrigation and rural development projects that can boost the productivity of smallholder farmers and improves their livelihoods. It is recalled that a week ago, the government of Korea has agreed to provide $300 million loan to the government of Ethiopia. The loan will be used for the construction of Adama Center of Excellence and construction of Addis Ababa express bus lane.