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Hwang Ki-yeon, Chairman and President of the Export-Import Bank of Korea (left), and Sidi Ould Tah, President of the African Development Bank, pose for a commemorative photo after signing a memorandum of understanding to expand financial cooperation in the African region during the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference held at the Grand Walkerhill Hotel in Gwangjin-gu, Seoul, on the 9th. / Export-Import Bank of Korea

The Export-Import Bank of Korea (Korea Eximbank) is expanding financial cooperation with the African Development Bank (AfDB) to support sustainable growth across Africa in areas including artificial intelligence (AI) and digital transformation, critical mineral supply chains, and eco-friendly renewable energy infrastructure.

Korea Eximbank announced on the 10th that it signed a memorandum of understanding (MOU) with the AfDB on the sidelines of the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference held at the Grand Walkerhill Hotel in Gwangjin-gu, Seoul, on the 9th to foster sustainable growth and expand financial cooperation in the African region.

The two institutions agreed to vitalize financial support centered on AI and digital transformation, the stabilization of critical mineral supply chains, and eco-friendly renewable energy infrastructure, aiming to navigate a rapidly shifting global economic environment and foster future innovative industries.

This partnership is projected to widen opportunities for South Korean enterprises to participate in large-scale development projects and supply chain initiatives in Africa, a region holding critical resources indispensable to the AI transformation era alongside vast growth potential.

The agreement marks a comprehensive revision of the MOU signed between the two institutions in 2005, coming after 21 years. Commemorating the 20th anniversary of co-hosting KOAFEC, the two sides expanded the scope of joint financial support and realigned their cooperative framework.

Hwang Ki-yeon, Chairman and President of Korea Eximbank, stated: "It is deeply meaningful to redefine our partnership with the AfDB, which has spanned over two decades. As a policy financing institution, Eximbank will engage in multifaceted financial diplomacy linking South Korea's world-class technological prowess with Africa's future development needs. We will substantially bolster strategic coordination with key multilateral development banks, including the AfDB, to actively back our companies' expansion into global markets."

                                                                                                            Chae Jong-il