• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

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

Deborah Dan-Awoh by Deborah Dan-Awoh
September 16, 2023
in Business News
AfDB, AI
Share on FacebookShare on TwitterShare on Linkedin

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.

RelatedStories

AfDB mobilizes $2.2billion with partners to expand agro-industrial zones in 24 Nigerian states 

August 7, 2025
AfDB, AI

Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 

July 16, 2025

The framework aims to assist African nations in building human capacity and developing their energy sector, with a primary focus on enhancing energy access, promoting agricultural transformation, and strengthening knowledge and capacity-building in various African countries.

How would the funds of $28.6 million be disbursed?

It will be provided to the African Development Bank Group in three installments: $4.6 million in 2023, followed by $24 million in 2024 and 2025.

The first agreement for this funding was signed by African Development Bank Group President, Dr. Akinwumi Adesina, and Korea’s Deputy Prime Minister and Minister of Economy and Finance, Kyungho Choo.

Choo emphasized Korea’s commitment to being a partner for African countries and supporting sustainable growth and development. Adesina, in turn, lauded Korea’s unique relationship with Africa, highlighting Korea’s transformation from a poor aid-dependent country to a donor country within a single generation as an inspiring example.

More insight

The second agreement involves the African Development Bank and Statistics Korea, to enhance statistical cooperation and improve the data-producing capacity of African countries.

The agreement was signed by African Development Bank Chief Economist and Vice President Kevin Urama and Commissioner of Statistics Korea, Hyoung il Lee.

This partnership will promote statistical awareness and facilitate the sharing of new data sources and methods, including big data, to enhance statistical quality.

The agreement identifies potential areas of cooperation, including the use of the African Development Bank’s Africa Information Highway for evidence-based decision-making.

The Africa Information Highway is a comprehensive network of live open data platforms that electronically connect all African countries and 16 regional organizations.

The Korea-Africa Economic Cooperation Trust Fund, supported by Korea, is highlighted as the largest of the Bank’s active bilateral trust funds in terms of contributions and project portfolio size.

As of December 31, 2022, the fund had received $108 million in contributions and had financed 203 projects since its inception.


Follow us for Breaking News and Market Intelligence.
Tags: AfDB
Deborah Dan-Awoh

Deborah Dan-Awoh

Deborah Dan-Awoh is a seasoned lifestyle analyst with a knack for storytelling. The focus of her work covers people, money and culture as it relates with business and economy. When she's not keeping tabs on the latest trends in lifestyle and finance- Deborah enjoys networking with industry experts to gain insight into major markets as it affects the populace

Related Posts

Agriculture

AfDB mobilizes $2.2billion with partners to expand agro-industrial zones in 24 Nigerian states 

August 7, 2025
AfDB, AI
Companies

Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 

July 16, 2025
Wale Edun pushes finance ministry directors to deliver 7% GDP growth 
Economy

FG to concession major national projects to repay loans – Finance minister 

May 30, 2025
AfDB, AI
Economy

AfDB flags Nigeria’s rising debt costs: 75% of revenue goes to interest payments 

May 29, 2025
AfDB enters a $1bn exposure exchange agreement with Asian Development Bank
Economy

AfDB projects $39.84 billion decline in foreign funding to Africa by 2025 amid aid cuts 

May 29, 2025
Nigeria’s GDP per capita falls to $824, worse than 1960 levels – AfDB President Adesina
Business News

Presidency disputes AfDB President Adesina’s claim that Nigerians are worse off now than in 1960 

May 5, 2025
Next Post
UN Energy Compacts have mobilized $69 billion in clean energy finance – Report

UN Energy Compacts have mobilized $69 billion in clean energy finance – Report

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

otd
access bank
nairametrics
Emple
Palmpay
first bank








DUNS

Recent News

  • FG declares Friday, September 5, as public holiday to mark Eid-ul-Mawlid
  • Gold sparkles at record highs as Nigeria cracks down on illegal mining
  • FATF grey list, a major stumbling block affecting Nigeria’s cross-border payment – Busha co-founder 

Follow us on social media:

Recent News

E-Gates installation at Abuja International Airport now 100% complete – Interior Minister 

FG declares Friday, September 5, as public holiday to mark Eid-ul-Mawlid

September 3, 2025
Gold

Gold sparkles at record highs as Nigeria cracks down on illegal mining

September 3, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics