Economic Development Cooperation Fund Ghana signs framework agreement with South Korea

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Minister of Finance, Ken Ofori-Atta and the Korean Ambassador to Ghana Mr. Woon-Ki Lyeo signed the agreement on behalf of their respective countries.

Ghana signs framework agreement with South Korea play

Ghana signs framework agreement with South Korea

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Ghana has signed a framework agreement with South Korea to enable it to obtain a concessionary loan facility from the Economic Development Cooperation Fund (EDF).

The framework agreement is to be implemented from 201 to 2019.

This move would grant Ghana access to about $200 million dollars to finance EDF loan projects.

The Minister of Finance, Ken Ofori-Atta and the Korean Ambassador to Ghana Mr. Woon-Ki Lyeo signed the agreement on behalf of their respective countries.

Ofori-Atta says the agreement is significant for the country to continue to access funds to undertake developmental projects.

Mr. Woon-Ki Lyeo play

Mr. Woon-Ki Lyeo

 

He said the loan conditions, including a 10-year grace period and 25 years repayment period with 0.5 percent interest rate would support the gradual growth plan of the country.

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The agreement is part of government’s strategy to reduce the high-interest payments facing the country, adding that the government would deepen such relationships for mutual benefits.

On his part, the South Korean Ambassador to Ghana, Woon-Ki Lyeo, says the agreement forms part of the Republic of Korea’s support to the development of Ghana.

According to him, South Korea as a developing partner is ready to share its experiences with Ghana in addressing the socio-economic challenges.

He says the agreement would further empower Ghana to obtain the EDF to undertake developmental projects.