Africa: KOAFEC 2026 - Korea, African Development Bank Chart New Phase of Partnership On Ai, Digital Infrastructure and Private Investment
[African Development Bank (AfDB)] On Tuesday 8 September in Seoul, the President of the African Development Bank Group, Dr Sidi Ould Tah, met with Koo Yun-cheol, Deputy Prime Minister and Minister of Finance and Economy of the Republic of Korea, ahead of the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference, which also marks the 20th anniversary of this partnership.
The 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference, held in Seoul on September 8th, marked the 20th anniversary of the partnership between Korea and the African Development Bank. Dr Sidi Ould Tah, the President of the African Development Bank Group, met with Koo Yun-cheol, Deputy Prime Minister and Minister of Finance and Economy of the Republic of Korea, to discuss the future of their collaboration.
Both leaders agreed to focus on three key areas: artificial intelligence and digital infrastructure, private-sector investment, and the development of industrial value chains across Africa. Dr Ould Tah highlighted the importance of scaling AI in Africa, emphasizing the need for significant investment in infrastructure, electricity, training, and data.
Korean companies were invited to invest across the entire value chain in critical minerals, including local processing, industrialisation, technology transfer, and value creation in Africa. The African Development Bank Group's Pan-African Guarantee Platform (PAGP) was also mentioned as a tool to share risks and attract more private capital to African projects.
Brief written by urgent.news from AllAfrica's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
