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Korea Exim News

EDCF Helps Science and Technology Bloom in Ethiopia

Date 2019.08.27 View 16474

The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman EUN, Sung-soo, “Korea Eximbank”) announced August 27 that it signed an Economic Development Cooperation Fund (EDCF) loan agreement amounting to USD 86 million to establish the Centers of Excellence for Adama Science and Technology University in Oromia, Ethiopia.

 

Korea Eximbank Chairman Sung-soo Eun met with the Ethiopian State Minister of Finance Admasu Nebebe and signed the loan agreement on August 26, shortly after the Korea-Ethiopia summit, in the presence of President Moon Jae-in of Korea and Prime Minister Abiy Ahmed Ali of Ethiopia at the Presidential Blue House of Korea.

 

In this project, some 1,300 units of high-performance equipment and facilities and operational support will be provided for five research centers at the university.

 

A total of USD 86 million EDCF funds will be put into the project.

 

Ethiopia aims to achieve the low-and medium-income country status by driving  growth in the manufacturing sector, according to its national development plan.

 

Ethiopia has keenly noted that Korea has transformed itself into a manufacturing-oriented export economy through the development of human resources, research capabilities, and industry-academia collaboration.

 

Once the project, benchmarking Korea's development experience, is successfully completed, it is expected to contribute to facilitating the industrialization initiative of Ethiopia along with science and technology development.

 

Meanwhile, Korea's science and technology excellence is expected to be spread across Ethiopia and other African countries, laying a foundation for Korean  experts in the field to enter into the African market.

 

Korea Eximbank Chairman Eun remarked after the signing ceremony "This project will contribute to the development of science and technology in Ethiopia, our traditional ally, and further strengthen the cooperative relationship between the two countries with our support for one of the top priority projects in Ethiopia’s national development plan." He added "Ethiopia is Africa's largest EDCF recipient country and will serve as a bridgehead for Korean companies' advance into the African market."