S. Korea pledges $20 mil. to ADB fund for AI projects
South Korea has pledged to contribute $20 million to an Asian Development Bank (ADB) trust fund aimed at supporting artificial intelligence (AI) development projects, the finance ministry said Wednesday. The Ministry of Finance and Economy held an annual consultation meeting with the ADB in Seoul, during which the two sides signed a contribution agreement for the Korea AI for Development Trust…
On Wednesday, South Korea announced it would allocate $20 million to an Asian Development Bank (ADB) trust fund focused on advancing artificial intelligence (AI) projects, according to the finance ministry. This commitment came during an annual consultation meeting between the Ministry of Finance and Economy and the ADB in Seoul.
As part of the agreement signed by both parties, the Korea AI for Development Trust Fund will be established, with the goal of supporting the operation of the Center for AI Innovation and Development. This center is to be set up in South Korea, following an agreement reached with the ADB back in May.
During the meeting, Moon Ji-sung, the deputy minister for international economic affairs, provided the ADB with an overview of South Korea's official development assistance policies and directions. In return, Hae Kyong Yu, vice president for administration and corporate management at the ADB, indicated a willingness to strengthen cooperation with South Korea in areas such as AI, digital transformation, private-sector development, and climate change, as reported by the ministry.
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- S. Korea pledges US$20 mln to ADB fund for AI projects en.yna.co.kr
- S. Korea pledges $20 mil. to ADB fund for AI projects koreatimes.co.kr
