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Ethiopia, South Korea Working to Enhance Cooperation

State Minister of Finance Semereta Sewasew received the Republic of Korea Ambassador to Ethiopia Kang Seo Khee at her office to discuss bilateral issues.

The discussion focused on strengthening partnerships with South Korea to further enhance cooperation and support for Ethiopia’s development and economic needs.

The state minister welcomed the Ambassador and his team and expressed her gratitude for South Korea’s long-term cooperation and support to the country which signifies the historical relationship between the two nations.

The Ambassador on his part expressed his satisfaction with the overall cooperation and disclosed his government’s intention to increase the overall ODA from 3.2 billion USD in 2023 to 5.2 billion USD in 2024.

He emphasized that for next year’s Korea Africa Summit Ethiopia’s presence will be vital to take advantage of targeted assistance.

Cho Han Deog Country Director of KOICA Ethiopia office explained the focus of cooperation pillars; Strengthening manufacturing capabilities, health care services, climate change response and Enhancing resilience and social integration.

There are 18 ongoing projects with a budget of 140 million USD and 7 projects in the pipeline with an estimated budget of 105 million USD. He further highlighted that 15 volunteers are rendering their services at the moment.

Sunmyung Hwang Chief Representative of Korea EXIM Bank Addis Ababa Representative Office highlighted the progress of the eleven ongoing projects with a volume of 870 million USD and projects in the pipeline and urged the Ministry of Finance to make preparations to submit new priority projects for the upcoming Framework Arrangement.

Both sides agreed to hold bilateral policy consultations annually and put emphasis on the preparation of less fragmented and more Impactful projects in the future.

Source: ENA