15/05/2026
Ethiopia and Republic of Korea Review Progress of Development Cooperation and Consult on Upcoming Priorities
ADDIS ABABA – May 15, 2026 — The Ministry of Finance of Ethiopia today hosted the Ethiopia–Republic of Korea ODA Portfolio Review to assess progress in ongoing development cooperation initiatives and consult on shared priorities for future engagement. The meeting brought together senior government officials and representatives from the Republic of Korea’s key development cooperation agencies, including Korea EXIM Bank/EDCF, KOICA, KOFIH, and KOPIA.
The review focused on the implementation status of Korea-supported projects across priority sectors and explored ways to further strengthen coordination, implementation effectiveness, and alignment with Ethiopia’s national reform and development priorities. Korea’s active development cooperation portfolio in Ethiopia currently exceeds USD 1.2 billion.
H.E. Semereta Sewasew, State Minister of Finance, described the relationship between Ethiopia and the Republic of Korea as a strong and evolving partnership built on mutual respect, shared priorities, and practical cooperation. She noted that Korean support continues to contribute to critical sectors including infrastructure, health, agriculture, human capital development, and climate resilience, while also supporting institutional capacity building and knowledge transfer.
“Our partnership has continued to grow through shared priorities and practical cooperation,” State Minister Semereta said. “Today’s discussion provides an opportunity not only to review progress, but also to reflect on how we can further strengthen the effectiveness, responsiveness, and impact of our cooperation.”
H.E. Mr. Jung Kang, Ambassador of the Republic of Korea to Ethiopia, noted that this marks the fourth consecutive year of the joint portfolio review process, reflecting the continued commitment of both countries to structured dialogue and effective partnership. He also acknowledged Ethiopia’s ongoing reform efforts under the Homegrown Economic Reform agenda and emphasized the importance of continued collaboration to support sustainable development outcomes.
Ambassador Jung Kang further highlighted the revised EDCF framework agreement signed in June 2024, which increased the financing ceiling to USD 1 billion for the 2024–2028 period.
The review covered a broad portfolio of initiatives implemented through various Korean development cooperation agencies. Korea EXIM Bank, through its EDCF program, currently manages an active portfolio valued at approximately USD 961 million across 13 projects in sectors including energy, transport, health, and water. KOICA, which has partnered with Ethiopia since 1995, is implementing 18 active projects with investments exceeding USD 200 million focused on industry, health, and urban resilience.
KOFIH has supported Ethiopia’s health sector since 2014 with investments amounting to approximately USD 45 million, including support for the Dr. Lee Jong-Wook Fellowship, through which 197 Ethiopian health professionals have received training. KOPIA also continues to support agricultural development and innovation, including a recently launched soil health initiative in the Becho and Ada’a Plains.
State Minister Semereta further emphasized the importance of maintaining strong implementation performance, coordination, and mutual accountability to ensure development cooperation delivers tangible and sustainable results.
The meeting concluded with a shared understanding to continue regular portfolio review engagements and strengthen joint follow-up mechanisms to address implementation bottlenecks and support effective delivery of ongoing projects and future cooperation priorities.