Korea and Africa Chart a New Course on AI and Digital Infrastructure
Korea and Africa are set to unveil a new Action Plan at the Korea-Africa Economic Cooperation (KOAFEC) 8th Ministerial Conference in Seoul, which starts on September 8 and runs until September 11. The conference marks the 20th anniversary of KOAFEC, a significant milestone for this partnership.
A Focus on AI and Digital Transformation
The conference's theme, "Harnessing AI and Digital Infrastructure for Africa's Transformation," highlights the key areas of discussion. It will bring together African ministers, Korean officials, development partners, private sector leaders, investors, innovators, and startup founders to explore the potential of technology, investment, and value creation in driving Africa's development.
Celebrating Two Decades of Cooperation
The KOAFEC partnership, established in 2006, has been a pivotal platform for Korea-Africa economic cooperation. The African Development Bank Group (ADB), one of the founding pillars alongside Korea's Ministry of Finance and Economy and the Korea Export-Import Bank (KEXIM), is marking this occasion by taking stock of two decades of successful cooperation and setting a more ambitious agenda for the future.
ADB's Leadership in Seoul
Dr. Sidi Ould Tah, President of the African Development Bank Group, is leading the Bank's delegation to Seoul, emphasizing the importance of this visit since his assumption of office in September 2025.
Exploring Korean Expertise
The 2026 conference will explore how Korean expertise in artificial intelligence, digital infrastructure, ICT, energy, manufacturing, and innovation can contribute to Africa's development priorities. These priorities align with the ADB Group's strategic framework, the Four Cardinal Points, which include unlocking Africa's capital power, rebuilding financial sovereignty, harnessing demographic trends, and building resilient infrastructure and competitive value chains.
Mobilizing Capital for Africa's Development
The New African Financial Architecture for Development (NAFAD), underpinned by these Four Cardinal Points, aims to mobilize substantial African and global capital for the continent's development. The KOAFEC Trust Fund, established in 2007, has emerged as the Bank Group's largest active bilateral trust fund, catalyzing an investment pipeline exceeding $6 billion and mobilizing around $4 billion in financing for various sectors, including energy, agriculture, digital transformation, infrastructure, natural resources, and private sector development.
Supporting Startups and Entrepreneurship
The partnership has also backed more than 1,300 startups and entrepreneurs, fostering innovation and entrepreneurship across Africa.