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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