Korea-AfDB: Agreement to Top Up Trust Fund with USD 8.5 Million

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Under an agreement signed today (Thursday 9 June) between the African Development Bank (AfDB)  and the Republic of Korea, at the Bank’s Annual Meetings in Lisbon, Korea has made a new contribution of US $8.5 million to the Korea Africa Economic Cooperation (KOAFEC) Trust Fund, bringing total contributions to the Fund since its establishment in 2007 to over USD$ 26 million,.

AfDB President Donald Kaberuka and Korean vice Minister for Finance Sungkull Yoo used the occasion of the AfDB’s 2011 Annual Meetings’ in for a formal signing of the protocol agreement.

Commenting on the agreement, Dr Kaberuka said: “This is further evidence, if it were needed , of strength of the Bank’s longstanding partnership with Korea.”

He highlighted Information Technology as a key priority area for collaboration between Korea and the Bank could which could help transform economies in Africa.

The first KOEAFEC meeting was held in Seoul in 2006 and has since become the permanent framework for economic cooperation between Korea and the Bank.

Among those who attended the signing ceremony were the AfDB’s Executive Director for Korea, Bruce Montador, Partnership and Cooperation Unit Head, Kazumi Ikeda-Larhed and the President’s adviser, Paati Ofosu-Amaah.