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).