South Korea will inject a fresh US$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 president of the African Development Bank (AfDB) Akinwumi Adesina, Finance Minister Yoo Il-ho discussed ways to enhance cooperation between South Korea and the African continent, according to South Korea's 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 (EDCF) projects, South Korea will spend an additional $600 million on African development projects by 2018, according to South Korea's (Yonhap) News Agency.
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.
The two leaders also agreed to collaborate in holding a minister-level meeting between South Korea and African countries in October in Seoul.