South Korean Eximbank on Monday provided $70 million in loan to Ethiopia to support the country’s preventive measures against coronavirus (COVID-19) infections.
The horn African nation on Sunday reported 704 new cases of COVID-19 , the highest single-day increase so far, bringing the total number of confirmed cases in the country to 10,207.
The country reported 170 COVID 19-related deaths and 5,137 recoveries from the pandemic out of 331, 266 laboratory tests over the last four months..
The new fund from South Korea will cover both ‘Medical Equipment Provision Project’, amounting to $30 million, and ‘COVID-19 Emergency Response Budget Support Program’ worth $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 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”.
MG/abj/APA