Ghana, Korea conclude Grant Aid arrangements

Ghana has concluded discussions with Korea on the Framework Agreement on Grant Aid and Concessional Loans from the Economic Development Cooperation Fund (EDCF), in Accra.

Minister of Finance Mr. Seth E. Terkper and Mr. Lyeo Woon-ki, Korean Ambassador to Ghana, signed the Framework Arrangement on behalf of the two countries at the Finance Ministry.

Conclusion of the Framework Agreement on the Korea International Cooperation Agency (KOICA) Grant Aid will further facilitate development collaborations, especially the dispatch of Korean experts and volunteers to share with Ghanaians the development experience, skills and knowledge that Koreans have gained over their years of transformation.

The Arrangement on EDCF Concessional Loans will also enable Ghana to obtain concessional loans, estimated at US$200million, from the Economic Development Cooperation Fund till 2016.

Speaking at the signing ceremony, Mr. Lyeo Woon-ki emphasised Korea’s commitment to contribute to Ghana’s Agricultural and Education sectors, among others, to strengthen the bond between both countries.

“I would like to reiterate Korea’s commitment to cooperate with Ghana in all areas of our bilateral relationship, and look forward to working closely with Ghanaian counterparts to bring more advancement into the Agriculture, Education, Health and Energy sectors in Ghana.

“We therefore regard the signing of these documents as a bedrock of cooperation,” he added.

The government of Korea established the Economic Development Cooperation Fund (EDCF) on June 1, 1987 with the aim of promoting economic cooperation between Korea and developing countries, by providing funding for industrial development and economic stability to partner countries.