S. Korea pledges $20 mil. to ADB fund for AI projects

The South Korean government has announced a $20 million contribution to the Asian Development Bank (ADB) trust fund focused on advancing artificial intelligence (AI) projects. This pledge was made during an annual consultation meeting between the Ministry of Finance and Economy and the ADB in Seoul. The agreement signed during the meeting will establish the Korea AI for Development Trust Fund, which aims to support the operation of the Center for AI Innovation and Development.

The Center is set to be established in South Korea, as per an agreement reached with the ADB in May. Moon Ji-sung, deputy minister for international economic affairs, also provided an update on South Korea's official development assistance policies to the ADB during the meeting. In response, Hae Kyong Yu, vice president for administration and corporate management at the ADB, indicated a willingness to enhance cooperation with South Korea in AI, digital transformation, private-sector development, and climate change.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.