Korea Eximbank signed a pact with the African Development Bank to expand financing for African projects in artificial intelligence, critical minerals and green infrastructure, the state lender said Thursday.
Korea Eximbank Chairman and President Hwang Ki-yeon and AfDB President Sidi Ould Tah signed the agreement Wednesday in Seoul during the eighth Korea-Africa Economic Cooperation Ministerial Conference.
Under the agreement, the two institutions will seek to expand joint financing in areas including AI and digital transformation, critical mineral supply chains, and green and renewable energy infrastructure.
Korea Eximbank noted that Africa's abundant natural resources and growth potential are becoming increasingly important as the global economy undergoes rapid technological and industrial shifts. The agreement is expected to create more opportunities for Korean companies to participate in large-scale infrastructure and supply chain projects across the continent.
The pact marks the first comprehensive revision of an agreement signed in 2005, expanding co-financing between the two institutions as KOAFEC marks its 20th anniversary.
"It is meaningful to redefine our partnership with the AfDB, which has continued for more than two decades," Hwang said. "As a policy lender, Korea Eximbank will pursue multifaceted financial diplomacy that connects Korea's world-class technological capabilities with Africa's future development needs."
jwc@heraldcorp.com