In order to advance Africa’s development goals, the African Development Bank (AfDB) and the Korean government signed two agreements, the first of which is worth $28.6 million.
These financial agreements, which were inked in Busan during the 7th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC), reinforced the $600 million co-financing agreement created under the Korea-Africa Energy Investment Framework, developed with the Korean government in 2021.
The framework aims to assist African countries in building up their human capacity and developing their energy sector. Its primary goals include enhancing energy access, promoting agricultural transformation, and supporting knowledge and capacity-building in a variety of African countries.
The $28.6 million will be paid to the African Development Bank Group in three installments: $4.6 million in 2023, followed by $24 million in 2024 and 2025.
The first agreement for this money was signed by Kyungho Choo, Korea’s deputy premier and minister of economy and finance, and Dr. Akinwumi Adesina, head of the African Development Bank Group.
Choo emphasized Korea’s dedication to supporting sustainable growth and development and acting as an African country’s partner. Adesina lauded Korea’s unique relationship with Africa and provided an illuminating example of how it transformed itself in only one generation from a developing aid-dependent country to a donor country.
The African Development Bank and Statistics Korea are parties to the second agreement, which aims to advance statistical cooperation and the capacity of African countries to produce statistics. Kevin Urama, the chief economist and vice president of the African Development Bank, and Hyoung il Lee, the commissioner of Statistics Korea, signed the agreement.
To enhance the quality of statistics, this collaboration will spread statistical awareness and promote the sharing of new data sources and approaches, particularly big data.
