Ethiopia and the Korea International Cooperation Agency (KOICA) inked a Memorandum of Understanding (MoU) of the grant agreement for two projects totaling $20 million, according to Ethiopia’s Ministry of Finance.
The MoU was signed with the goal of establishing the framework for the implementation of KOICA’s grant program for 2022, which will help Ethiopia achieve its development goals based on the Ten Year Perspective Plan and Sustainable Development Goals.
According to the recently formed country plan for support in Ethiopia by the KOICA Ethiopia Office, KOICA will begin two projects in 2022 with a total budget of $20 million USD. A total of ten million dollars is set out for each project.
The first project will help enhancing the competitiveness of Leather and Leather products sector in Ethiopia by establishing well-developed business incubation centre with full pledged support services to the emerging and existing small and medium enterprises (SMEs) in the leather and leather products sector cluster, increasing production, productivity and competitiveness of SMEs which will improve the export performance of the sector and developing well-established market and business linkages with in and out of the clusters.
The second project is intended for Community-Led Solution for Inclusive Socio-Economic Resilience towards Sustainable Peace in Conflict-Affected Areas in Ethiopia. The project contributes to enhancing social cohesion and economic resilience of displacement-affected communities through the area-based and community-based peace building and recovery processes and increased access to sustainable livelihoods.
The MoU was signed by H.E Semereta Sewasew, State Minister of Ministry of Finance and H.E Mr. Lee Byunghwa, Country Director of KOICA Ethiopia Office.
News Credit: Ministry of Finance, Ethiopia
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