Press Release - African Development Bank, Korea sign agreements for additional funding at 2023 KOAFEC
The African Development Bank and the Government of Korea on Wednesday signed two agreements for financial support to boost Africa's development agenda. The value of the financing is $28.6 million.
The new funding will primarily support energy access, agricultural transformation, and knowledge and capacity-building across a number of African countries. The amount will be disbursed to the African Development Bank Group in three instalments: $4.6 million in 2023, and $24 million in 2024 and 2025.
Adesina said Korea's additional funding was timely, especially as the nation celebrates the 40th anniversary of joining the African Development Bank. He commended the government for its commitment to a strong partnership between the African Development Bank and Korea.
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