- African Development Bank and South Korea signed a $28.6 million agreement.
- The funding is part of the larger $600 million Korea-Africa Energy Investment Framework.
- Another agreement between the African Development Bank and Statistics Korea aims to enhance statistical cooperation.
The African Development Bank (AfDB) and the Korean government inked two agreements to boost Africa's development objectives, the first of which is worth $28.6 million.
The $600 million co-financing deal under the Korea-Africa Energy Investment Framework, formed with the Korean government in 2021, was supplemented by these financial agreements, which were signed in Busan during the 7th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC).
With a core focus on improving energy access, encouraging agricultural transformation, and bolstering knowledge and capacity-building in diverse African countries, the framework intends to help African nations increase human capacity and expand their energy sector.