(Ecofin Agency) - The 10th largest global economic power is hosting delegations from 48 African countries for two days at the first South Korea/Africa Summit, themed "The Future We Build Together: Shared Growth, Sustainability, and Solidarity."

South Korea will commit $24 billion in aid and investment support to Africa by 2030. The information was announced by South Korean President Yoon Suk Yeol on Tuesday, June 4, 2024, at the opening of the South Korea/Africa Summit. Seoul aims to strengthen its cooperation with the continent through this initiative.

President Yoon pledged to double South Korea's official development assistance to Africa, reaching $10 billion by the end of the current decade. Additionally, $14 billion will be allocated for export financing to assist South Korean companies in expanding their trade and investments across the continent.

Furthermore, the 10th largest global economic power aims to enhance cooperation in infrastructure and energy with African countries, as well as contribute to the fight against climate change. This includes projects such as the construction of a geothermal power plant in Kenya and a battery energy storage system in South Africa.

Delegations from 48 African countries, including at least 30 heads of state and government, are participating in the first South Korea/Africa Summit, held in Seoul under the theme "The Future We Build Together: Shared Growth, Sustainability, and Solidarity."

Let’s recall that during the 7th Korea-Africa Economic Cooperation Conference (KOAFEC) in September 2023 in Busan, Seoul committed to providing $6 billion in overall funding over two years to Africa to support various projects in energy transition, agriculture, education, and vocational training. These funds are expected to be disbursed through several channels, including the Export-Import Bank of Korea, the Economic Development Cooperation Fund (EDCF), and the Korea-Africa Economic Cooperation Trust Fund.