EXIM Bank of Korea Anchors USD871M Investment in Ethiopia’s Growth Sectors

Korea EXIM Bank has pledged USD871 million to support 11 major infrastructure projects across Ethiopia, reaffirming the deepening partnership between the two countries during a high-level Development Cooperation Policy Dialogue hosted by Ethiopia’s Ministry of Finance. The announcement marks a significant milestone in over 70 years of bilateral relations, with the new commitment focused on key sectors such as transport, energy, health, and technology. The investment aligns with Ethiopia’s ongoing reform agenda and aims to bolster inclusive and sustainable development.

State Minister of Finance, Semereta Sewasew, expressed appreciation for Korea’s continued support and underscored the importance of such partnerships in accelerating the country’s development priorities. She emphasized that the government is working to ensure all development cooperation is effective, coordinated, and responsive to Ethiopia’s emerging needs. Ambassador Jung Kang of Korea highlighted the historical and future-oriented nature of Ethiopia-Korea relations, reaffirming Korea’s readiness to strengthen cooperation in trade, investment, cultural exchanges, and people-to-people ties.

Korea’s delegation included officials from KOICA, Korea EXIM Bank, KOFIH, and KOPIA, each presenting updates on projects aimed at supporting Ethiopia’s long-term development. KOICA is currently managing programs valued at USD183.2 million, targeting areas such as manufacturing growth, climate resilience, healthcare improvement, and social inclusion. KOFIH detailed ongoing efforts to enhance Ethiopia’s healthcare systems, while KOPIA presented agricultural development initiatives, particularly focused on improving soil fertility and crop resilience in response to climate challenges.

Ethiopian representatives provided updates on the implementation of critical infrastructure projects, including road construction and energy access, underscoring the government’s commitment to delivering results. Both sides agreed on the importance of scaling up large-scale programs, engaging the private sector, and institutionalizing regular consultations to monitor progress and ensure lasting impact.

The meeting concluded with a shared vision to elevate Ethiopia-Korea relations through strategic development financing, technical cooperation, and shared growth.