Africa: KOAFEC 2026 - African Development Bank and Korea's Export-Import Bank Strengthen Partnership to Finance Africa's Strategic Priorities
[African Development Bank (AfDB)] The African Development Bank Group (AfDB) and the Export-Import Bank of Korea (KEXIM) have signed a new memorandum of understanding to deepen co-financing cooperation on projects across Africa and mobilise additional resources for the continent's sustainable development.
The African Development Bank (AfDB) and Korea's Export-Import Bank (KEXIM) have strengthened their partnership to co-finance projects across Africa and boost the continent's sustainable development. The agreement, signed in Seoul on September 9th, replaces a 2005 framework and aims to mobilize funding, technologies, and expertise from the Korean private sector in high-impact sectors such as artificial intelligence, digital infrastructure, critical minerals, energy, and transport.
AfDB President Dr. Sidi Ould Tah emphasized the need to translate this framework into a tangible portfolio of projects. This five-year agreement will enhance technical and financial cooperation between the two institutions, supporting inclusive growth in Africa. The MOU was launched at the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference, which has evolved from a political dialogue platform into a mechanism for project preparation, investment mobilization, and private-sector engagement.
Since its inception, KOAFEC has facilitated over $50 million in project preparation, leading to an investment pipeline of more than $6 billion and financing mobilization of around $4 billion. The memorandum seeks to consolidate economic ties between Korea and AfDB's regional member countries while strengthening structured cooperation in co-financing.
The focus areas include AI and digital technologies, infrastructure for deployment, supply chain resilience, critical minerals, transport, urban development, green infrastructure, and financial products for trade guarantee instruments. This new partnership aligns with AfDB's Four Cardinal Points strategic vision and the AfDB's New African Financial Architecture for Development initiative, promoting domestic resource mobilization and connecting Africa to international markets.
The agreement also reflects the shared commitment of Korea and AfDB to accelerate investment in sectors crucial for Africa's competitiveness and economic transformation in the coming decades.
Written by urgent.news from AllAfrica's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
