On Tuesday 8 September in Seoul, the President of the African Development Bank Group, Dr Sidi Ould Tah, met with Koo Yun-cheol, Deputy Prime Minister and Minister of Finance and Economy of the Republic of Korea, ahead of the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference, which also marks the 20th anniversary of this partnership.
"Korea is a long-standing and trusted partner of the African Development Bank. Our partnership now has the opportunity to enter a new phase, placing greater emphasis on investment, technology and private-sector engagement," said Dr Ould Tah, calling for increased mobilisation of Korean public and private capital alongside the Bank's financing.
Deputy Prime Minister Koo Yun-cheol, who also serves as the Bank's Governor for Korea, praised the cooperation with the Bank over the years and reaffirmed Korea's commitment to deepen its economic engagement with Africa.
The two leaders agreed to focus the next phase of cooperation on three priorities: AI and digital infrastructure, private-sector investment, and the development of industrial value chains across the continent.
Korea, a member of the OECD's Development Assistance Committee, combines development cooperation with industrial capacity and private-sector innovation.
Dr Ould Tah noted that scaling AI in Africa would require significant investment in infrastructure, electricity, training and data.
"Korean investment in artificial intelligence in Africa can mark a new starting point for cooperation between Korea and Africa," he said.
On critical minerals, Dr Ould Tah invited Korean companies to invest across the entire value chain: local processing, industrialisation, technology transfer and value creation in Africa. "We want to develop processing capacity, industrial production and sustainable value chains on the continent in the critical minerals sector," he said, recalling the guidelines agreed at the Ministerial Forum on Critical Minerals in Abidjan in July this year, which focused on the local utilisation of African resources.
He also cited the Pan-African Guarantee Platform (PAGP), spearheaded by the African Development Bank Group under the New African Financial Architecture for Development (NAFAD), which is designed to share risks and attract more private capital to African projects.
"Korea has the technology, capital and industrial know-how; Africa has dynamic markets, abundant resources and an enterprising youth. The African Development Bank can help bring these strengths together to transform them into investments, robust value chains and sustainable development outcomes," the Bank Group said.
Established in 2006, the KOAFEC Trust Fund is now the Bank's largest active bilateral trust fund, with cumulative Korean contributions totalling $132.82 million as at 31 May 2026. Approximately $50 million of that, allocated to technical assistance and project preparation, has helped finance more than 40 investment operations and programmes worth over $6 billion, mobilising at least $4 billion in additional financing. The fund has also supported more than 1,300 start-ups and entrepreneurs, benefited more than 1,200 businesses and contributed to the creation of more than 5,000 jobs.
The KOAFEC Ministerial Conference brings together ministers and representatives from the Bank's regional member countries, as well as Korean financial institutions and companies operating on the continent.
The gathering produced a 2027-2028 action plan covering digital transformation and artificial intelligence, energy, infrastructure, trade, private sector development, and human capital, along with a joint declaration setting the direction for Korea-Africa cooperation in the years ahead.
A member of the African Development Fund since 1980 and of the African Development Bank since 1982, the Republic of Korea provides ongoing support for development financing in Africa and for the KOAFEC Trust Fund.
