Home / / Yemen and S. Korea to establish $19 million technical institute

Yemen and S. Korea to establish $19 million technical institute

South Korea loans Yemen $15.5 million for the initiative through its Economic Development Cooperation Fund

South Korea and the Republic of Yemen plan to establish a technical institute worth $19 million.

The South Korean government will offer nearly $15.5 million from its Economic Development Cooperation Fund (EDCF) to help construct and equip the technical education and vocation training institute, while the Yemeni government will fund the remaining $3.5 million. As part of the agreement, Korean technical experts will be dispatched to help with the institute.

The (EDCF) is a bilateral loan program set up by the Korean government in 1987 to support economic growth of developing countries.

H.E. Won-ho Kwak, Republic of Korea ambassador to Yemen and H.E. Abdulkarim Al-Arhabi, deputy prime minister for Economic Affairs and minister of Planning and International Cooperation for the Republic of Yemen, signed the loan agreement in Sana’a last week.

This isn’t the first time South Korea has offered financial support to Yemen – in 2006, South Korea provided a loan of $30 million to the Yemeni government for its expanded telecommunication network project.

It has also allocated another $100 million for Yemen to further develop infrastructural projects related to higher education and healthcare over a period of five years (2008 - 2011).

Follow us to get the most comprehensive IT business news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

CHANNEL AWARD 2018