The government of Ethiopia has received US $300m from Korean government for development of science and technology, and construction of Bus Rapid Transit (BRT) Line in Addis Ababa.
The deal which was signed between Addis Ababa by Admasu Nebebe, State Minister of Finance of Ethiopia and Mr. Lim Hoon-min, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Ethiopia was signed to to implement high priority projects to be financed by concessional loans for the years 2019-2020.
Addis Ababa Bus Rapid Transit (BRT)
The agreement will see construction of 5 centers of Excellence for Adama Science and; Technology University Project and Addis Ababa Bus Rapid Transit (BRT) Line Project. According to Tewodros Tsegaye, BRT Project Management Unit Head with City’s Transport Programs Management Office, the BRT corridor will have five essential services out of which two will be constructed within the corridor and will be delivered by 18 metre-long, low-floor buses.
Three services with a fleet of 12 metre-long, low-floor buses will partially be branched out of the corridors to provide direct services. The deal signed at the Ministry also aims to strengthen the historical bilateral development cooperation between Ethiopia and Korea. The ties between the two countries dates back to the time 6,037 Ethiopian troops (the Kagnew Battalion) arrived at Busan base, during the Korean War between 1950-1953.
Additionally, the South Korean companies are about to engage in 187 projects in Ethiopia according to the Exim Bank of Korea. The transfer and investment values of these projects total over US $28.6m.