(Ecofin Agency) - South Korea committed to provide Uganda, Kenya, Ethiopia and Tanzania $155 million in concessional loans for development projects.

Tanzania and Ethiopia will each receive $50 million. While the first will use the funds to develop a power transmission network, the second will direct the sum into an agro-industrial park. Uganda for its part will get $30 million to develop its agriculture and preserve its forest resources. Kenya will inject remaining $25 million into its water resources.

Seoul’s authorities revealed that the funds will be provided by the development and cooperation fund of the Korean Import and Export Bank.

Akinwumi Adesina, Head of the African Development Bank (AfDB), welcoming South Korea’s commitment to Africa said: “Korea can support Africa in the development of special economic zones and industrial parks, especially for light manufacturing, through public-private partnerships. Its successful experience in agricultural transformation puts it in a competitive position to support Africa’s push for agro-allied industrial development”

Korea made its pledge at the fifth conference Korea-Africa Economic Co-operation conference.

Aaron Akinocho