Gov't Secures $500 Million Loan from Korea EXIM Bank

Gov't Secures $500 Million Loan from Korea EXIM Bank

Hon. Matia Kasaija, Minister of Finance, and Hon. Cho Tae-yul, the Korean Minister of Foreign Affairs, have signed a Framework Agreement for a $500 million loan from the Korea EXIM Bank.

This agreement was formalized at the Korean Ministry of Foreign Affairs in Seoul, coinciding with the conclusion of the First Korea-Africa Summit.

The newly signed Framework Agreement falls under the existing Economic Development Cooperation Fund (EDCF) Agreement between the two governments, initially established on April 13, 2012.

The loan agreement will enable Uganda to access up to $500 million in financing from the EDCF over the next four years, from 2024 to 2028.

"These funds will be directed towards various development projects aimed at enhancing Uganda's infrastructure and socio-economic landscape." Kasaija noted

The First Korea-Africa Summit provided a platform for meaningful dialogue and collaboration between Korea and African nations, addressing key areas of mutual interest such as trade, investment, and development cooperation. 

Minister Cho Tae-yul echoed these sentiments, emphasizing Korea’s dedication to fostering economic partnerships with African nations.

"Korea is committed to supporting Uganda's development goals through this loan agreement. We look forward to seeing the positive impact these projects will have on the ground," he stated.