Korea announces $5-billion financial package for Africa

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EYEAFRICA TV: Busan, KOREA: The Government of Korea and the African Development Bank have issued a joint declaration following the conclusion of the Ministerial Roundtable of the Korea-Africa Economic Cooperation (KOAFEC) Conference taking place during the African Development Bank’s 53rd Annual Meetings in which Korea announced a $5-billion bilateral financial assistance package for Africa.

The Ministerial Roundtable is the signature event of the biennial KOAFEC Conference, gathering a peer group of African Ministers of Finance who also serve as the African Development Bank Board of Governors to discuss topical issues and a pan-African approach to engagement with Korea.

Taking place under the theme: “Africa and the 4th Industrial Revolution: Opportunities for leapfrogging?” the Ministerial Conference highlighted the need for long-term planning for industrial development and execution of projects, as well as a focus on value addition in sectors where Africa has comparative advantage for example in agriculture and natural resources.

The $5-billion financial assistance package will be delivered over two years through partnerships with various development agencies, including African Development Bank Group. The package leverages resources from various Korean bilateral agencies and platforms, including the Knowledge Sharing Program, the Economic Development Cooperation Fund, Korea Import-Export Bank, among others.

African Development Bank President Akinwumi Adesina and the Deputy Prime Minister of Korea, Dong Yeon Kim, signed three cooperation agreements for the implementation of certain components of the $5-billion package by the Bank Group.

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