August 28, 2019

Ethiopia, Korea Sign $300M Cooperation Accord

leadership – The two countries signed the latest cooperation agreement on Monday during the Ethiopian Prime Minister Abiy Ahmed’s two-day official visit to South Korea, the Ethiopian Prime Minister’s Office said in a statement issued on Monday.

The 300-million-U.S. dollar support agreement was signed under the Korea-Ethiopia Economic Development Cooperation Fund that will be implemented during the 2019 to 2020 period, the PM Office disclosed.

Ahmed, during his first-day visit to South Korea, on Monday met with the President of the Export-Import Bank of South Korea Yong Hwan Kim.

Ahmed and Kim also “discussed ongoing and potential new support to Ethiopia,” the statement from the Ethiopian Prime Minister’s Office read.

The Ethiopian Minister of Foreign Affairs Gedu Andargachew, Minister of Technology and Innovation Getahun Mekuria as well as State Minister of Finance Admasu Nebebe, signed the memorandum of understandings on behalf of the government of Ethiopia, with the presence of the Ethiopian premier, it was noted.

The Korea Export-Import Bank currently supports ongoing projects in the East African country with a financial amount that exceed 600 million U.S. dollars, it was noted.

Prime Minister Ahmed also on Monday met with South Korean President Moon Jae In, according to the statement.

Following the discussion between the two countries high-level officials, the two countries signed memoranda of understanding on visa waiver, the establishment of a joint ministerial commission, environmental protection, and science and technology cooperation.

The Ethiopian premier, as part of his two-day official visit to South Korea, is currently holding talks with heads of Samsung Group, a multinational conglomerate company, it was noted.

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