The recent signing of two agreements between the African Development Bank (AfDB) and the Government of Korea for a total value of $28.6 million, is a major boost for Africa’s development, as it addresses the challenges of underdevelopment that the continent has been battling with. The agreements, which were signed at the Korea-Africa Economic Cooperation Ministerial Conference in Busan, is intended to support energy access, agricultural transformation, and knowledge and capacity-building in a number of African countries.
The African Development Bank Group President, Dr Akinwumi Adesina, commended Korea for its partnership with Africa, stating that “Korea’s relationship with Africa is unique…There is a lot to learn from Korea which moved from a poor country relying on aid, to a donor country within a single generation”. The funding will complement $600 million in co-financing under the Korea-Africa Energy Investment Framework, agreed with the Korean government in 2021. The framework is designed to support African countries in building human capacity and developing their energy sectors.
The grant will support energy access projects, which will enable millions of people to gain access to reliable and affordable electricity, providing a significant boost to economic growth and development. Additionally, the grant will support agricultural transformation initiatives, providing farmers with the resources and tools necessary to improve their yields and support sustainable food production.
Furthermore, the grant will focus on knowledge and capacity-building initiatives, which are essential for building the skills and knowledge base necessary for sustainable development. By supporting access to education and training, the grant will equip African nations with the tools necessary to build a strong and resilient workforce that can support sustained economic growth.
The Korea-Africa Economic Cooperation Trust Fund is the largest of the AfDB’s active bilateral trust funds in terms of contributions received and portfolio size. The fund, which had received $108 million in contributions as of 31 December 2022, has financed 203 projects since its inception. With the partnership, Africa will be “better equipped to address the challenges it faces and achieve sustainable economic and social development” as noted by Africa Giant.
 and Korea. Africa will be "better equipped to address the challenges it faces and achieve sustainable economic and social development" as noted by Africa Giant.){kind=link}