The African Development Bank and the Republic of Korea have signed a cooperation agreement to enhance joint efforts to provide additional technical assistance to the Bank’s Regional Member Countries through the Korea-Africa Tech Corp Program.
Bank President Akinwumi Ayodeji Adesina and Korean Deputy Prime Minister and Minister of Strategy and Finance Dong Yeon Kim, who is also the Bank Governor for the Republic of Korea, signed the agreement on May 22 in Busan, Korea, during the 2018 Korea-Africa Economic Cooperation (KOAFEC) Conference (link is external), which took place in tandem with Bank’s 53rd Annual Meetings.
The signatories agreed to explore the possibility of cooperating on building human and institutional capacity in the Bank’s regional member countries in those areas where Korea has a competitive advantage, especially information and communication technology. They will also explore ways of fostering Korea-Africa strategic partnerships through workshops, job fairs, and similar open fora.
The Republic of Korea has been one of the Bank’s most active and generous partners since joining the African Development Fund in 1980 and the African Development Bank in 1982. Korea’s pledge to the institution’s concessional funding base has grown steadily, further cementing a longstanding, critical friendship with Africa. Korean economic policy touches broadly on all of the Bank’s High 5 (link is external) development priorities with a focus on sustainable natural resource management and infrastructure, human resource development, information and communication technologies, specifically those linked to the 4th Industrial Revolution, green growth, and agriculture development. Korea is also keen to share development experiences. Its relationship with Africa is unique in that it made the successful transition from aid recipient nation to donor country within a single generation, making it one of Africa’s most influential and credible advisors on economic transformation.
Based in Abidjan, Côte d’Ivoire, the African Development Bank is dedicated to the sustainable economic development and social progress of its 54 regional member countries. Established in 1964, it is owned by 80 members including 26 non-regional member countries.