According to the East African, South Korea has pledged a total of $155 Million in loans to support various development projects across Kenya, Tanzania, Uganda and Ethiopia.
The biggest beneficiaries of the facility will be Tanzania and Ethiopia as each of them will receive an equal amount of $50 Million while Uganda and Kenya will receive $30 Million & 25Million respectively.
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Tanzania will use the $50 Million for the construction & upgrading its power transmission grids while Ethiopia will use its share for development of agro-industrial parks. On the other hand, Uganda will use the $30 million to upgrade its agriculture and forestry conservation projects while Kenya is expected to use its share to boost its water resources.
The pledges were made recently at the just concluded Korea-Africa Economic Co-operation Summit in Seoul. The African Development Bank and Korea Exim Bank for Economic Coopration Fund have been chosen by the South Korea’s Govt to expend the loans.