President of South Korea, Yoon Suk Yeol, has pledged a $14 billion commitment in export financing to support Korean companies investing in Africa, while increasing its official development assistance (ODA) to $10 billion by 2030.
Speaking at the opening of the first Korea-Africa Summit, attended by 25 African heads of state and governments, Akinwumi Adesina, President of African Development Bank Group, said the relationship between Korea and the Bank, began in 1982 when Korea became a member of the Bank.
Korea has ever since contributed close to $795 million to the Bank’s African Development Fund and the Korea Trust Fund.
In his address, at the Korea-Africa Summit, Adesina said the theme of the summit is “to show solidarity with Africa, for the ‘future we make together. “
He also said: “The approval by the IMF Board for use of SDRs of $20 billion for hybrid capital, as championed by our institutions, with immense advocacy of African heads of state and government, marks a new way to scale up development financing.”
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