By Kang Yoon-seung
On Wednesday, South Korea revealed its plan to provide African nations with a US$6 billion financial package for various projects. This was announced during the seventh Korea-Africa Economic Cooperation Ministerial Conference held in Busan.
The package includes $1.5 billion from the Economic Development Cooperation Fund (EDCF) and $4.3 billion from the Export-Import Bank of Korea. EDCF was established in 1987 to help other developing countries with their infrastructure.
The fund will be used for energy transition, agricultural, and educational projects. South Korea and Africa will work together to select specific projects until 2025. The declaration also stressed the importance of sharing South Korea’s development experience to help Africa’s economic growth and reduce poverty.
South Korea also promised to support African nations with the technologies and human resources needed for energy transition and agricultural transformation.
Finance Minister Choo Kyung-ho and Akinwumi Adesina, head of the African Development Bank (AfDB), signed an agreement to provide an additional $24 million to the AfDB from 2024 to 2025. South Korea also signed a double taxation avoidance agreement with Rwanda.
Finance Minister Choo Kyung-ho (7th from R, front row) poses with representatives from African nations during the Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC) held in the southeastern port city of Busan on Sept. 13, 2023, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)
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