Uganda has signed a $500m deal with South Korea to fund infrastructure developments in the East African country.

The Ugandan Minister of Finance Hon. Matia Kasaija, together with the Korean Minister of Foreign Affairs Hon. Cho Tae-yul signed the Framework Agreement for a $500m loan from Korea EXIM Bank this Wednesday.

The ceremony took place at the Korean Ministry of Foreign Affairs in Seoul on the sidelines of the First Korea-Africa Summit which concluded today.

Under the terms of the Framework Agreement, the Korean Government shall enable the Ugandan Government to obtain loans from the Economic Development Cooperation Fund (EDCF) up to a maximum commitment amount in Korean Won not exceeding the equivalent of Five Hundred Million US dollars (US$ 500,000,000) for the years 2024 through 2028 to finance EDCF loan projects in  Uganda.

Hon. Kasaija was accompanied by Amb. Elly Kamahungye Kafeero, Director for Regional and International Cooperation and Ms. Lenina M. Rukikaire, First Secretary at the Ministry of Foreign Affairs, Uganda.