AfDB, Korea sign $28.6m grant to boost Africa’s development

The African Development Bank (AfDB) and the Government of Korea have signed two agreements to support Africa’s development agenda, with the first worth $28.6 million.

This announcement was made in a recent statement on the AfDB’s website, as reported by Nairametrics.

These funding agreements were signed in Busan during the 7th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC) and complement the $600 million co-financing agreement under the Korea-Africa Energy Investment Framework, established with the Korean government in 2021.