Korea EximBank to Provide $124 Mil. Development Loan to Mozambique
Korea EximBank to Provide $124 Mil. Development Loan to Mozambique
  • By Kim Yung-yong (yong@koreaittimes.com)
  • 승인 2014.05.28 18:17
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SEOUL, KOREA - Korea EximBank said on May 27 that it would provide a low-cost loan of US$124 million to Mozambique to build a road linking Nampula and Nametil and a trash landfill in Matola, a suburb of the Mozambique capital Maputo. Lim Sung-hyuk, the state-run bank's senior manager responsible for international economic cooperation, met Mozambique Finance Minister Manuel Chang in Maputo and signed an agreement.
 
The loan will be disbursed from the Economic Development Cooperation Fund, the long-term low-cost fund to help underdeveloped countries support their industrial development and economic welfare while facilitating relationships with the developing world. The fund has been managed by the bank since 1987.
 
The project to repair and expand the 67.5-kilometer road between Nampula in the northeast and Nametil to the south of Nampula will cost $75.4 million. Another $48.6 million will be spent on building a landfill in the Matola region in the south.
 
Mr. Lim of Korea EximBank said, "Mozambique is recently emerging quickly as one of the most promising investment destinations in Africa due to large-scale gas field development projects. Through the latest EDCF deals I expect Korean companies will get a foothold in this fast-growing market."

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