The African Development Bank (AfDB) and the Korean government inked two agreements to boost Africa's development objectives, the first of which is worth $28.6 million.
The $600 million co-financing deal under the Korea-Africa Energy Investment Framework, formed with the Korean government in 2021, was supplemented by these financial agreements, which were signed in Busan during the 7th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC).
With a core focus on improving energy access, encouraging agricultural transformation, and bolstering knowledge and capacity-building in diverse African countries, the framework intends to help African nations increase human capacity and expand their energy sector.
The African Development Bank Group will receive the $28.6 million money in three installments: $4.6 million in 2023, followed by $24 million in 2024 and 2025.
Dr. Akinwumi Adesina, president of the African Development Bank Group, and Kyungho Choo, vice premier and minister of economy and finance of Korea, signed the initial agreement for this funding.
Choo stressed Korea's commitment to promoting sustainable growth and development and serving as a partner for African nations. Adesina praised Korea's special relationship with Africa and gave an inspirational example of how it went from being a poor aid-dependent nation to a donor nation in only one generation.
The second agreement includes the African Development Bank and Statistics Korea to promote statistical cooperation and African nations' data-producing ability. The agreement was signed by Kevin Urama, Chief Economist and Vice President of the African Development Bank, and Hyoung il Lee, Commissioner of Statistics Korea.
This collaboration will raise statistical awareness and encourage the exchange of new data sources and methodologies, especially big data, in order to improve statistical quality.