Uganda, South Korea Sign Framework Agreement for $500 Million Loan

Under the existing Agreement between South Korea and Uganda concerning loans from the Economic Development Cooperation Fund, signed on April 13, 2012, the Minister of Finance Matia Kasaija, together with the Korean Minister of Foreign Affairs Cho Tae-yul, on Wednesday, June 5, signed the Framework Agreement for a $500 million 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 yesterday.

Under the terms of the Framework Agreement, the Korean Government will 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 US$500 million for the years 2024 through 2028 to finance EDCF loan projects in Uganda.

Minister Kasaija was accompanied by Ambassador Elly Kamahungye Kafeero, Director for Regional and International Cooperation, and Lenina M. Rukikaire, First Secretary at the Ministry of Foreign Affairs, Uganda.