The African Development Bank (AfDB) and the Government of Korea have inked two agreements totaling $28.6 million aimed at advancing Africa’s development agenda.
These funds, complementing the $600 million co-financing under the Korea-Africa Energy Investment Framework agreed upon in 2021, will aid African countries in enhancing human capacity and developing their energy sectors.
Akinwumi Adesina, President of the African Development Bank Group, and Kyungho Choo, Korea’s Deputy Prime Minister and Minister of Economy and Finance, sealed the first agreement for $28.6 million in Busan, Korea during the 7th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC) in September.
The newly secured funding will primarily bolster energy access, agricultural transformation, and knowledge and capacity-building across various African countries. Disbursement will occur in three installments: $4.6 million in 2023, and $24 million in 2024 and 2025.
Choo emphasized Korea’s commitment as a genuine partner for African countries, pledging the government’s utmost efforts to contribute to Africa’s sustainable growth and development.
Adesina hailed Korea’s additional funding as timely, especially as the nation commemorates the 40th anniversary of joining the AfDB. He praised the government’s dedication to a robust partnership between the AfDB and Korea.
Adesina also highlighted the unique relationship between Korea and Africa, noting Korea’s remarkable transformation from an aid-dependent nation to a donor country within a single generation, underscoring the valuable lessons Africa can learn from Korea’s development trajectory.
