South Korea will inject a fresh $600 million into its overseas cooperation fund by 2018 to help African countries launch massive infrastructure-building projects, the finance ministry said Monday.

In a Seoul meeting with Akinwumi Adesina, president of the African Development Bank, Finance Minister Yoo Il-ho discussed ways to enhance cooperation between South Korea and the African continent, according to the Ministry of Strategy and Finance.

Yoo said South Korea is ready to share its experience and know-how on economic development with African countries and seek opportunities to help them develop their potential.

As part of the Korea Economic Development Cooperation Fund projects, South Korea will spend anadditional $600 million on African development projects by 2018.

Asia's fourth-largest economy and the AfDB provided a combined $270 million to six African countries that was used to carry out eight infrastructure projects until 2015, according to the ministry.

The EDCF is a state-run fund launched in 1987 aimed at helping developing and less-developed countries with loans that carry low interest rates.

"South Korea achieved its economic development after selecting potential industries and focusing policy priorities on them," Yoo said. "I suggest African countries put policy efforts toward their key assignments and plans."

The two leaders also agreed to collaborate in holding a minister-level meeting between South Korea and African countries in October in Seoul. (Yonhap)