The Republic of Korea became a member of the African Development Fund (ADF) in 1980 and of the African Development Bank (AfDB) in 1982. Korea’s pledge to ADF-12 amounted to UA 53,857,279* (US $80,742,832.68) representing an increase of 66 per cent from its ADF-11 contribution and its burden share represents 1.317 per cent of ADF-12. In terms of AfDB subscriptions, Korea has 9,707 shares which represents 0.291 per cent of total shares and 0.306 per cent of the total vote.
Korea’s collaboration with the AfDB is formulated around: ADF replenishment, bilateral trust funds, co-financing arrangement, technical cooperation and the provision of resources for the implementation of the Highly Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Reduction Initiative (MDRI).
- The first Korea Africa Economic Cooperation (KOAFEC) Ministerial Conference was held in Seoul in April 2006 and has since become the permanent framework for cooperation between the Bank and Korea.
- A KOAFEC Technical Cooperation Agreement was signed between the Government of Korea and the Bank in December 2007 for an untied grant of US $5 million. Several supplementary agreements have since been signed for US $5.38 million in 2009; US $7.29 million in 2010; US $8.5 million in 2011; and US $6.2 million and US $15 million, respectively, in 2012. The latter was pledged during the high-level October 2012 KOAFEC Ministerial Conference in Seoul.
- Under the initiative, the Bank is currently implementing the KOAFEC 2011-2012 Action Plan whose main focus is knowledge sharing between Korea and Africa. Flagship studies include Domestic Resource Mobilization, ICT training and research on export sophistication in North Africa, among others.
- In 2010, Korea and the Bank signed a co-financing Memorandum of Understanding, increasing Korea’s commitment to US $400 million for the period 2011-2013. Five co-financing projects are underway, including Education IV Uganda project; Nacala Road Project Mozambique; Toliara Road Project, Madagascar; Iringa-Shinyanga Transmission Investment Project; and Markala Sugar Project. Two additional infrastructure projects were identified for approval in 2012 for Uganda and Ethiopia.
- In November 2011, the fourth high-level meeting on aid effectiveness was held in Busan in which several principles were agreed. Korea also hosts several conferences targeted at private sector participation in Africa and globally and actively participates in Business Opportunity Seminars organized by the Bank.
- The 2012 KOAFEC Ministerial Meeting was successfully held, culminating in a joint declaration by African Ministers. The 2013-2014 Action Plan projects are currently under review and approval.
- Two Korean Experts seconded by Korea are currently attached to the Bank’s Quality Assurance and Results Departments and Partnerships and Cooperation Unit. A successful internship program between the two institutions is currently ongoing.
Mr. Hau Sing Tse
Executive Director, representing Canada, China, Korea, Kuwait and Turkey
African Development Bank
Tel: (225) 2026 2021
Mr Ingwun Jung
Tel (225) 2026 4226
- 25/05/2017 - AfDB concludes 2017 Annual Meetings in Ahmedabad on high note of optimism
- 25/05/2017 - Gandhi-style to Gangnam-style: Farewell, Ahmedabad; on to Busan – Korea to host the 2018 African Development Bank Group Annual Meetings
- 12/04/2017 - Korea-Africa Business Forum urges greater Korean Private Sector engagement in Africa
- 21/03/2017 - The Korea-Africa Business Forum and Cultural Exchange
- 09/11/2016 - Private sector’s contribution to Africa’s growth notable, but more should be done