Korea agrees to add $8.5m to Africa’s Economic Fund

The Republic of Korea has signed an agreement with the African Development Bank (AfDB) to add an amount of $8.5 million to a trust fund known as the Korea Africa Economic Cooperation (KOAFEC) Trust Fund.

According to officials of AfDB, the amount brings total contributions to the Fund to over $26 million since its establishment in 2007.

The agreement which took place in Lisbon, Portugal, during the AfDB’s 2011 Annual Meetings, was signed by the Bank’s President Donald Kaberuka and Korean vice Minister for Finance Sung Kull Yoo.

“Under an agreement signed today Thursday June 9, 2011 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 $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 $26 million”, said a statement from the AfDB.

The first KOAFEC meeting was held in Seoul in 2006 and has since become the permanent framework for economic cooperation between Korea and the AfDB, the statement indicated.

By Ekow Quandzie