Yonhap reported that South Korea will carry out a total of USD 590 million worth of cooperation projects aimed at supporting African countries for their development over the next two years.
The detailed action plan for cooperation was announced by the Seoul government and the African Development Bank after they held the Korea Africa Economic Cooperation Conference in Seoul. The conference was attended by finance ministers and heads of African nations and main international organizations.
The ministry added that building infrastructure, developing natural and human resources, and supporting agriculture and green growth in the African continent will be among the major areas of cooperation.
The ministry said that by sector, the government will carry out USD 369.8 million worth of business in Africa to improve its infrastructure and develop natural resources. About USD 61.9 million and USD 51.1 million worth of support will be offered in the IT and human resources sectors, while USD 47 million will be given to projects related to the agricultural sector.
The promised support includes the government's earlier decision to contribute USD 15 million to the AfDB's trust fund aimed at helping the development of African countries over the next two years, according to the ministry.
Also included are the deals that the state run Export Import Bank of Korea signed with Uganda and Tanzania to provide USD 76.8 million in long term loans, which will help them improve their education facilities and other infrastructure.
The government will also support African countries through its Knowledge Sharing Program designed to offer its growth experience to less developed countries. It will carry out such projects estimated at around USD 11.89 million.
The ministry said in a joint statement with its African counterparts that "Recognizing the importance of strengthening the knowledge sharing programs across a variety of sectors, the parties agreed on the need to pursue effective cooperation in major fields, including infrastructure, IT, human resources, agriculture and green growth."
It said that "Korea committed to share the experience of economic development as well as assist African countries in applying the experience to suit country specific circumstances. To translate such efforts into specific development and economic cooperation projects, the parties will maintain close cooperation."
Source – Yonhap News
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