Abidjan [UAE], September 4: A new Action Plan to accelerate Africa's digital and AI transformation to be unveiled at Korea-Africa Economic Cooperation (KOAFEC) 8th Ministerial Conference in Seoul.
Two decades after its founding, the Korea-Africa Economic Cooperation (KOAFEC) partnership opens a new chapter in Seoul next week, with artificial intelligence and digital infrastructure at the heart of discussions on Africa's economic transformation, a bank press release said.
The 8th KOAFEC Ministerial Conference will run from 8 to 11 September under the theme "Harnessing AI and Digital Infrastructure for Africa's Transformation." It will bring together African ministers, senior Korean officials, development partners, private sector leaders, investors, innovators and start-up founders. They will explore how technology, investment and value creation can accelerate Africa's development.
The conference marks the 20th anniversary of KOAFEC, the flagship platform for Korea- Africa economic cooperation, established in 2006. For the African Development Bank Group, a founding pillar of the partnership alongside Korea's Ministry of Finance and Economy, and the Korea Export-Import Bank (KEXIM), the occasion offers an opportunity to take stock of two decades of cooperation and to define a more ambitious agenda for the future.
African Development Bank Group President, Dr Sidi Ould Tah, is leading the Bank's delegation to Seoul, marking his first official visit to the Republic of Korea since taking office in September 2025.
The 2026 conference will examine how Korean expertise in artificial intelligence, digital infrastructure, ICT, energy, manufacturing and innovation can contribute to Africa's development priorities.
For the African Development Bank Group, this ambition aligns directly with President Ould Tah's Four Cardinal Points strategic framework: unlocking Africa's capital power, rebuilding its financial sovereignty; turning demographic trends into a dividend, and building resilient infrastructure and competitive value chains.
Anchored on these Four Cardinal Points is the New African Financial Architecture for Development (NAFAD), which aims to mobilise substantial African and global capital for the continent's development needs and bridge its estimated annual financing gap of more than $400 billion.
Since its creation in 2007, the KOAFEC Trust Fund has become the Bank Group's largest active bilateral trust fund. Approximately $50 million in project preparation support has catalysed an investment pipeline exceeding $6 billion and mobilised around $4 billion in financing, supporting operations across sectors including energy, agriculture, digital transformation, infrastructure, natural resources and private sector development. The partnership has also supported more than 1,300 start-ups and entrepreneurs, benefited more than 1,200 businesses, and helped create more than 5,000 jobs.
The conference is expected to culminate in a Joint Declaration setting out a shared vision and practical pathways to deepen Korea-Africa economic cooperation, along with the introduction of the 2027-2028 Action Plan, covering digital transformation and artificial intelligence, energy, infrastructure, trade, private sector development, and human capital.
Source: Emirates News Agency
