South Korea to invest $5billion in Africa’s economies

South Korea has pledged to provide US$5billion financial cooperation package over the next two years to aid economic development in Africa.

The Director of Korean Cultural Centre in Abuja, Sungrae Han, in a statement, said the South Korean government made the commitment at the just concluded Korea-Africa Economic Cooperation (KOAFEC) meeting.The meeting was on the sidelines of the 53rd annual conference of the African Development Bank (AfDB) held in Busan, South Korea.

The South Korean Minister of Finance, Mr. Kim Dong-yeon, said the fund would serve as an investment into African economies as well as through sharing South Korea’s expertise in infrastructure building and technological advancements.

Some of the key areas include developing rural areas, enriching manpower, tackling climate change, building and expanding of infrastructures, the statement said.

South Korea will also share past experiences on economic development leading to a switch from being a beneficiary to a donor of aid, it added.

The KOAFEC meeting, which is held every two years, serves as a platform of cooperation between Korea and African nations to encourage economic advancement and enhancing cooperation in resource development.


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