KOAFEC 2018: South Korea to invest 5 billion (USD) for Africa’s inclusive Economic Development. – African Countries welcome the Panmunjeon Declaration

 

At the just concluded Korea-Africa Economic Cooperation (KOAFEC) meeting, the South Korean Government pledged to provide US$5billion financial cooperation package over the next two years to aid development in Africa.

This meeting was on the sidelines of the 53rd annual conference of the African Development Bank (AfDB) held in Busan, South Korea.

The South Korean Minister of Finance, Mr. Kim Dong-yeon, said the fund will serve as an investment into African countries on their path to economic development and also through sharing South Korea’s expertise in infrastructure building and technological advancements.

Some key areas that the fund will be used for include developing rural areas, enriching manpower, tackling climate change, building and expanding of infrastructures. South Korea will also share past experiences on economic development leading to a switch from a beneficiary to a donor of aid.

The KOAFEC meeting which is held every two years, serves as a platform of cooperation between Korea and African nations to encourage economic advancement and enhancing cooperation in resource development.

The participating African Nations at the meeting proclaimed their support for the Panmunjeon declaration which was signed by the leaders of North and South Korea during the just concluded Inter-Korean Summit held in April aiming to bring lasting peace to the Korean Peninsula.

Source: Sungrae HAN (Mr.)

Director Korean Cultural Centre

Embassy of the Republic of Korea in Abuja, Federal Republic of Nigeria

+234-(0)81-6262- 6224 (Office)

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About Cholo Brooks 6574 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists.