Seoul:South Korea has committed to contributing $20 million to an Asian Development Bank (ADB) trust fund designed to back artificial intelligence (AI) development projects, as announced by the finance ministry on Wednesday.
According to Yonhap News Agency, an annual consultation meeting was held between the Ministry of Finance and Economy and the ADB in Seoul. During this meeting, both parties signed a contribution agreement for the Korea AI for Development Trust Fund.
The newly established fund aims to support the operations of the Center for AI Innovation and Development in South Korea, a project agreed upon with the ADB in May. The meeting also provided a platform for Moon Ji-sung, deputy minister for international economic affairs, to discuss the country's official development assistance policies and directions with the ADB.
In response, Hae Kyong Yu, vice president for administration and corporate management at the ADB, expressed intent to further collaborate with South Korea in areas including AI, digital transformation, private-sector development, and climate change.