Korea Eximbank is partnering with the African Development Bank (AfDB) to enhance financial support for future growth sectors in Africa, including artificial intelligence (AI), digital transformation, key minerals, and eco-friendly infrastructure.
On September 9, during the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference held in Seoul, Korea Eximbank announced that it signed a Memorandum of Understanding (MOU) with AfDB to expand sustainable growth and financial cooperation in the African region.
The two institutions agreed to strengthen financial collaboration to respond to changes in the global economic environment and foster future innovative industries. Key areas of cooperation include AI and digital transformation, stabilization of key mineral supply chains, and eco-friendly and renewable energy infrastructure.
Particularly, they noted that Africa possesses essential resources needed for AI transformation and has significant growth potential. Korea Eximbank aims to broaden opportunities for domestic companies to participate in large infrastructure and supply chain projects in Africa through joint financial support with AfDB.
This MOU is a comprehensive revision of the existing agreement signed in 2005, marking a significant update after 21 years. It reflects the expansion of their cooperation from the existing relationship to focus on future industries and supply chains, coinciding with the 20th anniversary of the KOAFEC.
Hwang Gi-yeon, President of Korea Eximbank, stated, "It is meaningful to redefine our partnership with AfDB, which has lasted for over 20 years. As a policy financing institution, Korea Eximbank will engage in multifaceted financial diplomacy that connects Korea's world-class technology with Africa's future development needs."
* This article has been translated by AI.
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