South Korea and the African Development Bank improve their cooperation on development

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.