On November 27, the Ministry of Economy and Finance (MOEF) hosted the “Africa-EDCF Symposium” in Seoul. This symposium, held as a follow-up to the Korea-Africa Summit in June, brought together government officials from 21 countries, including African ambassadors to Korea. It aims to strengthen economic cooperation between Korea and key African nations through the Economic Development Cooperation Fund (EDCF)[1].
In the first session, discussions focused on the achievements of the EDCF and future partnership plans. Specific examples of support, such as the Selender Bridge project in Tanzania, were presented, along with an explanation of key areas for long-term cooperation, including green initiatives, health, and digital transformation.
In the second session, various cooperation strategies were introduced, such as the K-Finance package[2], which integrates the EDCF with the Supply Chain Stabilization Fund, to advance large-scale development projects with Africa. During the Korea-Africa Summit, it has been decided to expand Korea’s Official Development Assistance (ODA) to Africa to approximately $10 billion by 2030. Representatives from African countries participated actively in the discussions, showing strong interest in enhancing mutual economic cooperation.
Deputy Minister for International Affairs Choi Ji-young explained in his opening remarks that Korea has approved a total of 111 EDCF projects in Africa, underscoring the close partnership between Korea and African countries. He stressed three key principles for future economic cooperation: building a mutually beneficial partnership, developing innovative new support mechanisms, and ensuring sustainability through debt management. He particularly suggested enhancing the cooperation foundation through collaboration with Korean businesses and talents to support Africa’s development and growth, while using various methods, such as the K-Finance package, to further enhance mutual economic ties.
MOEF has been conducting policy consultations with major African countries, including Ethiopia, Morocco, and Tanzania, to shore up economic cooperation. Going forward, the ministry plans to continue creating opportunities to deepen relations and communication with African nations.
[1] The EDCF is a fund provided by the Korean government to developing countries on long-term, low-interest terms to support their economic and industrial development (concessional loans).
[2] It provides a comprehensive package of financial support to facilitate large-scale development projects with key partner countries and supply chain initiatives, integrating the EDCF, Korea Eximbank financing, and the Supply Chain Stabilization Fund.
Please refer to the attached files.
