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Uganda acquires Shs1.9 trillion loan from South Korea


In accordance with the existing agreement between the government of the Republic ofKorea and the government of the Republic of Uganda concerning loans from theEconomic 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 CooperationFund (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.

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