South Korea has approved $93 million concessional loan for Ethiopia to finance the Addis Ababa Bus Rapid Transit (BRT) and land information management system (LIMS).APA reports on Wednesday that 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 to 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.