Korea adds $15m to Africa’s Economic Fund

The government of Korea has announced an additional $15 million to the Korea Africa Economic Cooperation (KOAFEC) Trust Fund to support projects in Africa between 2013 and 2014.

The Korean government has therefore signed an amended agreement on the Fund with the African Development Bank (AfDB).

A Supplementary Technical Cooperation Agreement of the KOAFEC Trust Fund was signed on October 16, 2012 between Jaewan Bahk, Korea’s Minister of Strategy and Finance and Donald Kaberuka, President of the AfDB Group.

The agreement was signed during the recently held KOAFEC Ministerial Conference in Seoul, Korea.

“By the amended agreement, the Government of Korea announced a contribution of $15 million to the KOAFEC Trust Fund to support projects and activities in Regional Member Countries in 2013 and 2014,” the AfDB said in a statement.

According to the statement, the contribution’s primary objective of knowledge-sharing is expected to deepen the impact of Korea-Africa cooperation through six priorities areas – Infrastructure and Natural Resources; Information and Communication Technology;  Knowledge Sharing on Korea’s Economic Development Experience; Human Resources Development;  Agricultural Development; and Green Growth Partnership.

This is in addition to Korea’s $6 million contribution it announced in May 2012 in Arusha, Tanzania during the AfDB’s annual meetings, it said.

By Ekow Quandzie