This file photo shows the Korea-Africa Summit held in Seoul on June 4, 2024. (Image courtesy of Yonhap)
SEOUL, Sept. 4 (Korea Bizwire) — South Korea and Ethiopia have held a policy consultation meeting on envisioned joint projects in energy, transportation and health care fields through the cooperation fund, Seoul’s finance ministry said Wednesday.
During the meeting held in Addis Ababa on Tuesday, the two nations chose energy, transportation and health and medical sectors as key cooperation fields under the Economic Development Cooperation Fund (EDCF) framework and discussed candidate projects, according to the finance ministry.
The move came as South Korea and Africa renewed the EDCF Framework Arrangement that calls for increasing Seoul’s support for Africa to US$1 billion from $300 million during the inaugural Korea-Africa Summit hosted by President Yoon Suk Yeol in Seoul in June.
“The two sides agreed to further boost government-level cooperation in an effort to boost the effectiveness of such joint projects,” the ministry said in a release.
South Korea plans to hold policy consultations with other African nations, including Tanzania and Morocco, it added.
South Korea launched the EDCF program in 1987 with the purpose of supporting economic and social infrastructure projects in developing countries.
(Yonhap)
