Korea Eximbank signs MOUs with the Kenyan government

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Korea Eximbank signs MOUs with the Kenyan government

Published: 01 Jun. 2016, 20:57

The Export-Import Bank of Korea (Korea Eximbank) announced on Monday it had signed two Memoranda of Understandings (MOU) with the Kenyan government on cooperation in the agricultural and science education sectors.

Korea Eximbank President Lee Duk-hoon signed the MOUs with Kenyan government officials under the eye of Korean President Park Geun-hye.

Under the MOUs, Korea Eximbank will provide Kenya with $50 million from the Economics Development Cooperation Fund (EDCF), which was established by the Korean government in 1987 and controlled by the bank to support industrial development and economic stability in developing countries.

The bank will also use the EDCF to support the establishment of the Kenya Advanced Institute of Science and Technology (KAIST).

Korea Eximbank said its use of the EDCF to strengthen science education in Kenya will significantly contribute to Kenya’s goal of becoming a middle-income country by the year 2030.