The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, "Korea Eximbank") announced on June 1 that it signed an MOU with the Ministry of Education, Science and Technology of the Republic of Kenya and the Konza Technopolis Development Authority in Kenya to provide EDCF loans to support the science and technology sector in Kenya, including building the Kenya Advanced Institute of Science and Technology.

Korea Eximbank Chairman Lee Duk-Hoon met with Fred O. Mtiang'i, Minster of the Ministry of Education, Science and Technology of Kenya and John Tanui, CEO of the Konza Technopolis Development Authority and signed the MOU. The Chairman Lee Duk-Hoon also met with Willy Bett, Minster of the Ministry of Agriculture, Livestock and Fisheries of Kenya and signed another MOU for USD 50 million EDCF loans to establish an agricultural machinery testing center and help ICT application in agriculture, etc. in Kenya. The MOUs were signed in the presence of President Park Guen-hye and President Uhuru Kenyatta of Kenya.

Kenya has been implementing the midium-and long-term national plan, 'Vision 2030.' Its objective is to help transform Kenya into a newly industrializing, middle income country by 2030. At the heart of the strategies to accomplish the Vision 2030 is developing the science and technology sector such as ICT in Kenya.

Upon the signing of the MOU in the field of science and technology development, it is anticipated that the project for establishing the Kenya Advanced Institute of Science and Technology as well as capacity-building programs will contribute to the achievement of 'Vision 2030.' Besides, the project that Korea Eximbank is about to support well serves the purpose of the Korean government's initiative of "Better Life for All." Amid rapidly rising demands for infrastructure and science and technology development in Kenya, known as the most industrially developed country in East Africa, it is anticipated that expanded economic cooperation between Korea and Kenya would accelerate Korean companies' entry into East Africa, using Kenya as a gateway.

Prior to signing the MOUs with the Kenyan Ministries, Chairman Lee Duk-Hoon met with Matia Kasaija, Minster of the Ministry of Finance, Planning and Economic Development of Uganda and signed a USD 50 million MOU for agricultural cooperation which includes sharing the experiences of economic development in Korea. The MOU was signed with Presidents of both countries in attendance.

Uganda is known to be bestowed with optimal conditions for cultivation such as abundant water resources, fertile soil, etc. On top of that, Uganda has the agriculture-oriented economic structure, with 72% of the employed population in the country engaged in the agricultural sector and 60% of its exports being agricultural products.

With the MOU signed by the two governments, Korea Eximbank plans to actively support the agricultural development in Uganda through EDCF pilot programs which incorporate a comprehensive package designed for the agricultural sector in Uganda.