The financing framework agreement signed on Sunday between Ethiopia and South Korea is highly anticipated to foster the economic linkages between the two countries, Ethiopia’s Finance Minister, Ahmed Shide underscored.
Recall Prime Minister Abiy Ahmed and First Lady Zinash Tayachew are in Seoul, South Korea for an official visit and to attend the inaugural Korea-African Summit to be held this week.
As part of this official working visit, Ethiopia and South Korea signed a 1 billion US dollar financing framework agreement yesterday.
The financing framework agreement targets projects to be implemented over the next four years, it was learned.
Prime Minister Abiy Ahmed and South Korean President Yoon Suk Yeol have also engaged in extensive bilateral talks including the economic opportunities between the two nations, the finance minister indicated.
Ahmed pointed out that the Republic of Korean government has confirmed that it will work more closely in the areas of strengthening trade and investment relations, technology transfer, and agricultural development, including financial assistance for Ethiopia’s development.
According to him, a 1 billion US dollar financing framework agreement is a demonstration of the commitment of the two countries to reinforce economic cooperation.
According to the agreement, the financial supply will be allocated to infrastructural development, science and technology, capacity building, health, and urban development among others.
Above all, the minister expressed his confidence that the financing framework agreement will further strengthen the economic ties of the two countries.
And agreement shows that the government of the Republic of Korea has been continuing its endeavors to strengthen its assistance to Ethiopia, he added.
Finally, Ahmed indicated that South Korean President Yoon Suk Yeol has confirmed that he will pay an official working visit to Ethiopia.
Source: ENA
