Uganda and South Korea Sign $500M Loan Agreement for Development Projects (2024-2028)
On June 5, 2024, Uganda’s Finance Minister Hon. Matia Kasaija and South Korea’s Foreign Minister Hon. Cho Tae-yul signed a Framework Agreement in Seoul, granting Uganda access to loans up to $500 million from the Korean Economic Development Cooperation Fund (EDCF) for 2024-2028.
In accordance with the existing Agreement between the Government of the Republic of Korea and the Government of the Republic of Uganda concerning Loans from the Economic Development Cooperation Fund, signed on April 13, 2012, the Ugandan Minister of Finance Hon. Matia Kasaija, together with the Korean Minister of Foreign Affairs Hon. Cho Tae-yul, have, yesterday 5th June 2024, signed the Framework Agreement for a $500m loan from Korea EXIM Bank.
The ceremony took place at the Korean Ministry of Foreign Affairs in Seoul on the sidelines of the First Korea-Africa Summit which concluded today.
Under the terms of the Framework Agreement, the Korean Government shall enable the Ugandan Government to obtain loans from the Economic Development Cooperation Fund (EDCF) up to a maximum commitment amount in Korean Won not exceeding the equivalent of Five Hundred Million US dollars (US$ 500,000,000) for the years 2024 through 2028 to finance EDCF loan projects in the Republic of Uganda.
Hon. Kasaija was accompanied by Amb. Elly KamahungyeKafeero, Director for Regional and International Cooperation and Ms. Lenina M. Rukikaire, First Secretary at the Ministry of Foreign Affairs, Uganda.
