SEOUL– South Korea’s finance ministry said Tuesday it has clinched a US$600 million deal with Africa’s development bank to expand its investment in energy and infrastructure projects in the continent over the next five years.
The Korean government, the African Development Bank (AfDB) and the state-run Export-Import Bank of Korea inked the so-called Korea-Africa Energy Investment Framework, according to the Ministry of Economy and Finance.
The move is aimed at building a cooperative financing scheme between the country’s low-interest loan program and the AfDB as part of efforts to support energy and infrastructure projects in Africa.
The ministry said it expects the move to help African countries fight poverty and post sustainable growth while supporting more South Korean firms’ foray into the new market.
Source: Yonhap News Agency