Ethiopia, Republic of Korea sign $14.8mln financial aid agreement

Addis Ababa, March 20, 2023 (FBC) – Ethiopia and Republic of Korea signed a 14.8 million US dollar funding agreement for the Agricultural Mechanization Center of Excellence in an online ceremony.

The grant agreement was signed by the Minister of State for Finance, Ms Semereta Sewasew, and Chi-yuen Park, Director General of Korean Institute for Technology Excellence.

The grant aims to build a center to ensure that the products imported and produced in the country maintain their quality standards before reaching the consumer and avoid the loss that is occurring to the consumer due to lack of quality and efficiency.

The agreement further aims to contribute to speeding up Ethiopia’s social and economic development by reducing and avoiding the negative impact that may occur on the country’s economic development in general due to lack of quality and competence.

It is said that the main activities to be carried out by the project are to establish a mechanization training inspection and research center, to establish an operation and maintenance center in the regional states, to carry out capacity building trainings, to undertake promotion and demonstration activities, to prepare the operation model of the center, and to provide support to experts who will assist the project.

It is known that the operation and maintenance centers will be established in Addis Ababa’s Qaliti area, Bishoftu city in Oromia region, Bure city in Amhara region, and Alaba city in Southern Ethiopia region.