Government to Increase Kenya Loan Support Limit... Raised from $300 Million to $1 Billion
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[Asia Economy Reporter Park Jun-yi] The government will increase the loan support limit for Kenya to 1 billion dollars by 2026.
According to the Ministry of Economy and Finance on the 23rd, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho attended the Korea-Kenya summit held in Seoul on the same day and signed the basic agreement on the Economic Development Cooperation Fund (EDCF) between the two governments.
The EDCF is a concessional aid fund established in 1987 by South Korea to support the economic development of developing countries and promote economic cooperation.
Accordingly, the EDCF loan support limit for the Kenyan government has been increased from the existing 300 million dollars to 1 billion dollars from this year until 2026.
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The government stated, "We will continue to strengthen EDCF cooperation with emerging developing countries outside Asia, such as Africa, which have great economic cooperation potential."
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