OREANDA-NEWS. An African Development Bank (AfDB) Group delegation led by President, Akinwumi Adesina, will attend the 5th KOAFECMinisterial Conference in Seoul, South Korea from 24-27 October 2016.

The Bank is co-hosting the conference whose theme is: “Transforming Africa’s Agriculture through Industrialization and Inclusive Finance”, with the Korea Ministry of Strategy and Finance (MOSF), and the Export-Import Bank of Korea (EXIM). The theme emphasises the business value of agriculture to Africa’s socio-economic transformation.

The KOAFEC Ministerial Conference which has progressively become an important platform for Korea-Africa economic and diplomatic relations is expected to attract hundreds of participants. They include Ministers of Finance and Executive Directors of the Bank representing Regional Member Countries (RMCs), African Ambassadors, Heads of pan-African institutions, and various non-governmental organisations.

In recognition of the important role of the private sector in Africa’s development, a forum on Public Private Partnerships (PPP) will take place within the Conference, and it will be attended by African CEOs and Korean private sector participants. 

Given that Korea has stamped its global stature as an export oriented and industrial powerhouse, the Conference is expected to deepen collaboration between Korea and Africa to promote socio-economic development as envisaged in the Sustainable Development Goals and the Bank’s High Five priorities. These partnerships will be concretised through enhanced financial grants for Africa, co-financing agreements, knowledge sharing, technical assistance and increased public-private cooperation.  In addition to the PPP event, other key conference activities will include a Ministerial Round Table, and an Economic Seminar.

The partnership between the AfDB Group and the Republic of Korea began in 1980 when Korea joined the African Development Fund (ADF) and the AfDB in 1980 and 1982 respectively. During ADF-13, Korea contributed UA 57.5 million, an increase of 6.84% over its ADF-12 contribution. 

Korea has actively participated in the ADF-14 replenishment process, and is geared to contribute to the next round of the Fund in November 2016. Korea also contributes to the Bank’s capacity building efforts in RMCs through the KOAFEC Trust Fund. Since 2007, Korea’s cumulative contribution to the Trust Fund has amounted to about US$ 60 million.