South Korean will extend $70 million relief loans to African countries in Covid-19 aid.
Through the Economic Development Cooperation Fund (EDCF), Seoul will provide $30 to Ghana and $40 million to Tanzania, the Korean Ministry of Economy and Finance said on Tuesday.
EDCF is Korean government loans to developing countries for economic cooperation.
The ministry said the $70 million loans will be advised to be spent on establishing medical facilities and expanding virus testing capabilities in the two African nations. The loans will be processed in tandem with African Development Bank’s emergency liquidity facility program.
The Korean government in April vowed to spend more than $400 million to help developing countries cope with Covid-19 pandemic. The country provided $70 million loan to Ethiopia in June.
By Cho Jeehyun
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