South Korea will make efforts to reinforce its financial cooperation with African countries by creating a US$10 billion cooperation program, the Finance Ministry said on Oct. 25.
“The South Korean government will participate in many African development issues and contribute to achieving their sustainable development,” Finance Minister Yoo Il-ho said in his opening remarks at the ministerial-level meeting of the Korea Africa Economic Cooperation in Seoul.
Starting in 2006, the biennial KOAFEC meeting has been aimed at sharing South Korea‘s experience on economic development and enhancing cooperation in resource development.
South Korea will create a US$10 billion financial cooperation package, including the Economic Development Cooperation Fund launched in 1987 and aimed at helping developing countries by providing cheap loans, and the Knowledge Sharing Program, initiated in 2004 to offer its growth experience and other expertise.
“The $10 billion program represents our will to cooperate in economic development between South Korea and Africa,” said Yoo.