KOAFEC 2026 - Korea, African Development Bank Chart New Phase of Partnership On Ai, Digital Infrastructure and Private Investment
The African Development Bank and the South Korean government are strengthening their partnership, focusing on AI, digital infrastructure, and private-sector investment. The collaboration aims to boost industrial value chains and critical mineral processing across Africa.
Why it matters
This partnership highlights the growing role of international cooperation in scaling AI and industrial technology in emerging markets.
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.
"Korea is a long-standing and trusted partner of the African Development Bank. Our partnership now has the opportunity to enter a new phase, placing greater emphasis on investment, technology and private-sector engagement," said Dr Ould Tah , calling for increased mobilisation of Korean public and private capital alongside the Bank's financing.
Deputy Prime Minister Koo Yun-cheol, who also serves as the Bank's Governor for Korea, praised the cooperation with the Bank over the years and reaffirmed Korea's commitment to deepen its economic engagement with Africa.
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