DPM Choo Announces a $6 Billion Package Support in 2024-25 at the KOAFEC Ministerial Conference
Deputy Prime Minister Kyungho Choo presided over the 7th Korea Africa Economic Cooperation (KOAFEC)1 Ministerial Conference2 and announced a Korea-Africa joint declaration.
The declaration includes the “2024/25 Action Plan” outlining the key areas of cooperation and a financial package worth approximately $6 billion that will be provided over the next two years.
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[ 2024/25 Action Plan ]
º Overview: The directions of economic cooperation with Africa that cover a financial package and the priority areas of cooperation for the next two years.
º Key Areas of Cooperation: Energy development and transition, agricultural transformation, and knowledge-sharing and capability enhancement.
º Scope of Aid: The financial package comprehensively includes AfDB’s KOAFEC trust fund, the Knowledge Sharing Program (KSP), the Economic Development Cooperation Fund (EDCF), and export financing. (In the 6th KOAFEC held in 2018, aid worth approximately $5 billion was announced.)
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After the meeting, DPM Choo and AfDB President Adesina signed an agreement3 on Korea’s contribution to the AfDB trust fund. Adesina expressed deep gratitude for Korea’s additional contribution to the largest bilateral trust fund in the AfDB. DPM Choo shared his anticipation that the expanded trust funds can contribute to achieve meaningful outcomes at the Korea-Africa Leaders’ Summit slated for 2024. In addition, the DPM signed a Double Taxation Avoidance Agreement (DTAA) with Rwanda. The Statistics Korea and the AfDB also signed a memorandum of understanding (MOU) on statistical cooperation.
The DPM also noted that the conference hosted in Busan, which is currently preparing for hosting the World Expo 2030 as a potential venue, would be a great opportunity to vividly show African nations the vision of the Busan World Expo.
1 A Korea-Africa economic cooperation conference, aiming to transfer Korea's economic development experiences, promote resource development cooperation, and support Korean companies’ entry into African markets.
2 The meeting was attended by the AfDB President, delegations of 38 African countries (18 Ministers, 20 Vice Ministers), international organizations, and African private sector representatives
3 Korea will additionally contribute $4.60 million in 2023, $24 million in 2024-25 to the KOAFEC trust fund.
Please refer to the attached files.
