Ethiopia has secured $86 million loan from Korea Export-Import Bank (Eximbank). The loan agreement was signed on Monday in Seoul during the state visit of Ethiopian Prime Minister Abiy Ahmed to South Korea.
The office of Ethiopian Prime Minister in a statement said the loan will be used to supply some 1,300 types of high-quality equipment at five research centers at Adama Science and Technology University in Ethiopia.
The office said the loan is also to promote the country’s industrialization and develop science and technology.
The signing ceremony was signed by Eximbank Chairman, Eun Sung-soo and Ethiopia’s Finance State Minister, Admasu Nebebe.
Korean EXIM Bank reportedly financing the ongoing Ethiopia’s power projects with over $600 million, the office sad
Recently, the two countries signed $300 million financing agreement under the Korea-Ethiopia Economic Development Cooperation Fund for the 2019-2020 periods.
During his visit to South Korea, Prime Minister Abiy laid a wreath at the Seoul National Cemetery reserved for Ethiopian martyrs.
Ethiopia was the only African nation to send a battalion, which was known Kagnew Shaleka, as part of the United Nations forces in the Korean War in 1951.
The country has sent a total of 6,037 strong soldiers to fight in the Korean War, as part of the United Nations mission.
In the war, 122 Ethiopian soldiers were missed in action, more than 500 left wounded but Ethiopia was the only nation where no soldier surrendered.
MG/abj/APA