Ethiopia and South Korea have signed two concessional loan agreements amounting $93 million today.
The loan would be used to finance the Addis Ababa Bus Rapid Transit (BRT) and land information management system (LIMS).
Of the total, $63 million will be channeled for the BRT project.
The BRT corridor will have five essential services out of which two will be constructed within the corridor and will be delivered by 18 metre-long, low-floor buses.
Three services with a fleet of 12 metre-long, low-floor buses will partially be branched out of the corridors to provide direct services.
The Addis Ababa Bus Rapid Transit is expected take five years for completion.
The agreements were signed by Admasu Nebebe, State Minister of Finance and Shin Deog-Yong Senior Executive Director, EXIM Bank of Korea.