[Establishing a New Cooperation Framework to Support Korea-Africa Cooperation]
On September 9, Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol and African Development Bank (AfDB) President Sidi Ould Tah signed a Letter of Intent (LOI) on Strengthening Korea-Africa Development Cooperation and agreed to further strengthen linkages between the two sides’ development cooperation instruments as KOAFEC marks its 20th anniversary. Under the LOI, the two sides agreed to expand demand-driven project identification, policy advisory support and capacity building through the KOAFEC Trust Fund; continue co-financing between the Economic Development Cooperation Fund (EDCF) and the AfDB in key areas such as AI, critical minerals, culture and climate; and strengthen joint research and policy advisory support through the Knowledge Sharing Program (KSP).
The two sides also signed a Letter of Intent (LOI) on the Establishment of a Korea-Africa AI-Hub to create a dedicated platform to sustain and advance Korea-Africa cooperation on AI. Under the LOI, an AfDB AI-Hub will be established in Korea, linking Korea’s AI capabilities with AfDB’s network across Africa to support Africa’s AI transformation and Korea-Africa cooperation on AI.
With AfDB’s participation, the government’s Global AI-Hub initiative will now extend to Africa. The government has been working to establish AI cooperation centers with the World Bank (WB), Asian Development Bank (ADB), Inter-American Development Bank (IDB), European Bank for Reconstruction and Development (EBRD) and Central American Bank for Economic Integration (CABEI). The addition of AfDB will further expand Korea’s AI cooperation network with major multilateral development banks (MDBs).
[Advancing Bilateral Cooperation with Tanzania and Botswana]
Meanwhile, Deputy Prime Minister Koo held a bilateral meeting with Botswana’s Vice President and Minister of Finance Ndaba Nkosinathi Gaolathe to discuss ways to expand economic cooperation between the two countries. The two sides exchanged views on identifying cooperation projects to promote industrial diversification and strengthen critical mineral supply chains, with a focus on the Botswana Economic Transformation Programme (BETP), as well as on utilizing various development cooperation instruments, including the KOAFEC Trust Fund and the EDCF.
Deputy Prime Minister Koo then met with Tanzania’s Minister for Communication and Information Technology Angellah Jasmine Mbelwa Kairuki to explore opportunities for further bilateral economic cooperation through a range of development cooperation instruments. Discussions focused in particular on the smooth implementation of the “Establishment of an AI and Digital Technology Training Institute in Tanzania,” the first pilot project under the K-AI Package, as well as potential areas for follow-up cooperation. The project aims to establish an advanced technology training institute to develop skilled professionals in AI, robotics, data analytics and the Internet of Things (IoT), while also providing educational and training equipment, network infrastructure and curricula.
Please refer to the attached files.
