Ethiopia gets US$63m grants from Korea Eximbank for construction of BRT corridor B6 construction.
Korea Eximbank has sign a deal with Ethiopia to fund the construction of a BRT corridor road. The BRT corridor will contribute towards easing transportation problem in the city.
Bus Rapid Transit (BRT) corridor is a section of road or contiguous roads served by a bus route or multiple bus routes. With a minimum length of 3 kilometers (1.9 miles) that has dedicated bus lanes.
The deal worth US$63m will be for corridor B6 construction, and will have two terminals and 17 bus stations at 630m interval on average. However, the agreement followed the five cooperation agreements both nations signed during a state visit of Ethiopian Prime Minister to Korea.
According to the latest agreement, the BRT will run from Torhailoch square to Addis Ababa Bole Airport via Pushkin Square, Gotera and Wello Sefer.
The loan has a 15 years grace period and an interest rate of 0.001%. With the loan to be repaid within 40 years. Meanwhile, once completion it will help the transportation sector as noted during the signing ceremony.