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 Finance Minister, Matia Kasaija, together with the Korean Minister of Foreign Affairs Cho Tae-yul, have signed the framework agreement for a $500million( shs1.9 trilion) 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.
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 not exceeding shs1.9 trillion for the years 2024 through 2028 to finance EDCF loan projects in the country.
Kasaija was accompanied by Amb. Elly Kamahungye Kafeero, Director for Regional and International Cooperation and Ms. Lenina M. Rukikaire, First Secretary at the Ministry of Foreign Affairs, Uganda.
