S.Korea Commits USD757 Million to Africa

Some USD757 million in loans from South Korea will be made available to fund development efforts in Africa over the next two years. The sum will back 29 projects in 16 countries including the construction of a port in Angola, a general hospital in Tanzania, a power grid in Madagascar, a highway in Senegal, and facilities for piped water in Ghana. South Korea also plans to scale up the Korea-Africa Economic Cooperation Fund to USD25 million from the previous USD5 million. (“SKorea offers up to 757 million dollars in loans to Africa” - Agence France-Presse, Oct. 28, 2008)

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