AfDB and Korea Eximbank set to Play Pivotal Role
Tunis, 21 April 2006 – About 300 participants including delegations from the African Development Bank (AfDB) Group and representatives of countries in the five African sub-regions, are expected to attend a Ministerial Conference on Korea-Africa Economic Cooperation scheduled to take place in Seoul from 24-29 April 2006.
Government Ministers and top public sector officials from 20 African countries have been invited to the conference jointly organized by the government of Korea and the AfDB to discuss strategies for the development of close economic cooperation between Korea and Africa.
President Donald Kaberuka will address the conference on possible ways to improve cooperation particularly between the AfDB and the Export-Import Bank of Korea.
The conference will focus on two themes: ‘Business Opportunity in Africa’ and ‘Strategy for Development of Korea-Africa Economic Cooperation’.
Other activities coming up at the margin of the conference will include Mr. Kaberuka’s scheduled courtesy call on the President of the Republic of Korea, Mr. Roh Moo-hyun, as well as discussions with other top government officials and business leaders including the Chairman and President of Korea Eximbank, Mr. Dong-Kyu Shin.
Also, the conferees will visit the sites of major Korean companies including Samson Electronics, Hyundai Heavy Industries and Hyundai Motors.
The Republic of Korea became a State participant in the African Development Fund (ADF) on 27 February 1980 and was admitted into the membership of the African Development Bank on December 30, 1982.
Korea’s subscribed capital to the ADB’s capital stock totaled 96.234 million UA (about US$138.66 million), representing 0.466% of the capital stock as at 31 March 2006. The Korean government’s subscriptions to ADF I–IX totaled 100.892 million UA (about US$ 145.37 million) or 0.784% of overall contribution to the Fund. The Government pledged to contribute 21.65 million UA (about US$31.20 million) to the 10th replenishment of the Fund (ADF-X). In addition, the government also established a Korea Technical Cooperation Fund (KTCF) in the Bank worth of US$ 2 million to assist African countries.
Korea and the AfDB have maintained close cooperation over the years with the signing of a Technical Cooperation agreement on 12 May 1998 setting out modalities for the enhancement of the utilization of financial resources of the Korea Trust Fund.
In November last year, President Kaberuka and Dr. Shin signed a memorandum of understanding in Tunis approving measures to strengthen their relations and the cooperation agreement signed with the Korea Eximbank in 1982, in such areas as joint financing of projects, exchange of information and personnel as well as issues related to economic, financial and policy development in Africa.