South Korea Announces Billions in Aid and Investment for Africa
President Yoon Suk Yeol of Seoul revealed plans to provide substantial aid and investment support to Africa during a summit with delegations from 48 African countries. The South Korean government aims to double its official development aid to $10 billion by 2030 and offer $14 billion in export financing to promote trade and investment on the continent.
Yoon emphasized South Korea’s commitment to Africa’s economic integration through the African Continental Free Trade Zone (AfCFTA) and vowed to accelerate trade partnerships. While focusing on infrastructure and energy cooperation, Yoon also highlighted the importance of addressing climate change.
Projects like the Olkaria geothermal power plant in Kenya demonstrate South Korea’s commitment to green initiatives. Yoon expressed enthusiasm for collaborating with African nations on various infrastructure projects, including roads, railways, airports, ports, smart city systems, and master plans.
The summit aims to strengthen trade ties between South Korea and Africa, showcasing opportunities for mutual growth and development.