S. Korea earmarks $24bn in aid, investment support for Africa

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President Yoon Suk Yeol on Tuesday announced billions of dollars in new aid and investment support for Africa, as South Korea looks to boost trade ties with the continent.

Seoul is hosting delegations from 48 African countries for a major summit this week, which Yoon had told AFP would aim to secure deals on everything from critical minerals to infrastructure projects.would double its current official development aid to Africa to $10 billion by 2030, and would also provide $14 billion of export financing to help Korean firms expand trade and investment across the continent.

"We will also actively contribute to Africa's regional economic integration efforts through the African Continental Free Trade Zone , which was launched in 2019," Yoon said.While South Korea is eager to expand infrastructure and energy cooperation with African nations, Yoon said the East Asian country was mindful of the impact of climate change on the continent.

Earlier, Yoon had told AFP that there were"a myriad of viable projects where Korea and Africa can collaborate across the entire field of infrastructure." That could include"the construction of roads, railways, airports and ports; smart city systems, including smart transportation; and the establishment of master plans," he added.AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use.

 

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