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AfDB Group to co-host the 5th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in Seoul
An African Development Bank (AfDB) Group delegation led by President, Akinwumi Adesina, will attend the 5th KOAFEC Ministerial Conference in Seoul, South Korea from October 24-27, 2016.
The Bank is co-hosting the conference whose theme is: “Transforming Africa’s Agriculture through Industrialization and Inclusive Finance”, with the Korea Ministry of Strategy and Finance (MOSF), and the Export-Import Bank of Korea (EXIM). The theme emphasizes the business value of agriculture to Africa’s socio-economic transformation.
The KOAFEC Ministerial Conference, which has progressively become an important platform for Korea-Africa economic and diplomatic relations, is expected to attract hundreds of participants. They include Ministers of Finance and Executive Directors of the Bank representing Regional Member Countries (RMCs), African Ambassadors, Heads of pan-African institutions, and various non-governmental organisations.
In recognition of the important role of the private sector in Africa’s development, a forum on Public Private Partnerships (PPP) will take place within the Conference, and it will be attended by African CEOs and Korean private sector participants.
Given that Korea has stamped its global stature as an export oriented and industrial powerhouse, the Conference is expected to deepen collaboration between Korea and Africa to promote socio-economic development as envisaged in the Sustainable Development Goals and the Bank’s High Five priorities. These partnerships will be strengthened through enhanced financial grants for Africa, co-financing agreements, knowledge sharing, technical assistance and increased public-private cooperation. In addition to the PPP event, other key conference activities will include a Ministerial Round Table and an Economic Seminar.
The partnership between the AfDB Group and the Republic of Korea began in 1980 when Korea joined the African Development Fund (ADF) and the AfDB in 1980 and 1982, respectively. During ADF-13, Korea contributed UA 57.5 million (approximately US $88 million), an increase of 6.84% over its ADF-12 contribution.
Korea has actively participated in the ADF-14 replenishment process, and is geared to contribute to the next round of the Fund in November 2016. Korea also contributes to the Bank’s capacity building efforts in RMCs through the KOAFEC Trust Fund. Since 2007, Korea’s cumulative contribution to the Trust Fund has amounted to about US $60 million.
Through Korea’s Economic Development Cooperation Fund (EDCF) administered by the Korea Eximbank, the country signed a co-financing agreement with the AfDB valued at US $600 million. Prior to this MOU, Korea had co-financed projects worth US $205 million in various African countries. The Bank and Korea are currently reviewing a number of projects to be financed both under the KOAFEC Trust Fund and the Co-financing agreement.
The KOAFEC Ministerial Conference will be a key event which will further entrench Korea’s summit diplomacy on the African continent following South Korean President Park Geun-hye’s visit to a number of African countries in May 2016.
For further information or to register the Conference, visit the KOAFEC official website http://www.koafec-conference.org/