AfDB Participates in Ministerial Conference on Korea-Africa Economic Cooperation in Seoul

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From: 14/09/2010
To: 17/09/2010
Location: Seoul, Korea
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Korea and AfDB Extend their Projects Co-Financing Agreement to 2011-2013

Seoul, 15 September 2010 - The Korean Strategy and Finance Ministry and the African Development Bank (AfDB) signed in Seoul on Wednesday, 15 September 2010, a memorandum of understanding (MOU) extending their USD 200 million co-financing agreement to 2011-2013.


Background

The African Development Bank (AfDB) President, Donald Kaberuka, will be in Seoul from 14-17 September 2010 to participate in the 2010 Ministerial Conference on Korea-Africa Economic Cooperation (KOAFEC) on the theme “Rising Africa, Together with Korea”.

The agenda of the mission will include:

  • Exchange of letters with the Korean Ministry of Strategy and Finance to allocate additional US$200 million to co-finance public sector projects with the AfDB from  2011-13.
  • Memorandum of understanding (MOU) with the Ministry of Strategy and Finance to establish a Knowledge partnership
  • MOU with the Korea Trade Investment Promotion Agency to establish a new partnership to jointly promote trade and investment in African Countries.

The bi annual conference aims at strengthening cooperation ties between KOAFEC partners in the pursuit of their mutual interests. Participants will discuss major economic development issues with special focus on sharing Korea’s economic development experiences with African partners engaged in various reforms and transformation on the political and economic scene.

The first KOAFEC was held in Seoul in 2006 and has since become the permanent framework for economic cooperation between the two sides.

The conference will bring together several African ministers, delegations from the African Development Bank Group, renowned universities, and heads of government agencies and chief executives of Korean companies.

On 5 October 2009, , the Korean Ministry of Strategy and Finance temporarily made available USD 306.1 million to the AfDB to enable the institution to respond to African countries’ financial demands.

The decision was highly welcomed by the AfDB, since it enhanced the Bank’s capacity to sustain its lending to African countries and in mitigating the effects of the financial and economic crisis.

Korea supported AfDB’s historic 200% general capital increase approved by the Board of Governors during the institution’s last Annual Meetings, in May 2010 in Abidjan, Côte d’Ivoire.

Korea will also host the next G20 Summit, on 11-12 November 2010.