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Published On: Mon, May 28th, 2018

Economy: South Korea to invest $5bn in Africa

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By Ikechukwu Okaforadi Abuja

The South Korean Government has pledged to provide US$5billion financial cooperation package over the next two years to aid development in Africa, according to the resolution it arrived at the just concluded Korea-Africa Economic Cooperation (KOAFEC) meeting in the country.
A statement issued by the Director of Korean Cultural Center Nigeria (KCCN) in Abuja, Han Sungrae, said the meeting was on the sidelines of the 53rd annual conference of the African Development Bank (AfDB) held in Busan, South Korea.
It said that the South Korean Minister of Finance, Kim Dong-yeon, said the fund will serve as an investment into African countries on their path to economic development and also through sharing South Korea’s expertise in infrastructure building and technological advancements.
“Some key areas that the fund will be used for include developing rural areas, enriching manpower, tackling climate change, building and expanding of infrastructures”, the statement said, adding that South Korea will also share past experiences on economic development leading to a switch from a beneficiary to a donor of aid.
It also explained that 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.
Meanwhile, the statement observed that the participating African nations at the meeting proclaimed their support for the Panmunjeon declaration which was signed by the leaders of North and South Korea during the just concluded Inter-Korean Summit held in April with the aim to bring lasting peace to the Korean Peninsula.

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