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S. Korea vows to further cooperate with AfDB, ADB

All Headlines 17:44 March 13, 2018

SEOUL, March 13 (Yonhap) -- South Korea will further strengthen cooperation with Asian and African development banks, while vowing to share its development know-how with other nations, Seoul's finance ministry said Tuesday.

During a meeting with Akinwumi Adesina, president of the African Development Bank (AfDB), Seoul's chief economic policymaker, Kim Dong-yeon, said South Korea hopes to beef up cooperation with the bank.

Last year, South Korea signed a memorandum of understanding (MOU) with the AfDB on preparations for the institution's annual meeting to be held in the city of Busan on South Korea's southern coast this year.

The MOU addresses the sharing of roles and costs for the 53rd annual meeting of the AfDB, which is expected to draw more than 4,000 finance ministers, governors of central banks, heads of international organizations and business leaders from nearly 80 member states.

The 2018 AfDB annual meeting will take place from May 21-25.

The AfDB was established in 1964 as a way to contribute to the economic and social development of Africa through promoting investment with 54 member countries from the continent and 26 from other continents. South Korea joined the organization in 1984.

The AfDB president expressed hope that South Korean firms will actively participate in the African region's efforts to expand its infrastructure, according to the ministry.

South Korea's finance minister Kim Dong-yeon (L) shakes hands with Takehiko Nakao, president of the Asian Development Bank (ADB) in Seoul on March 13, 2018. (Yonhap)

In a separate meeting with Takehiko Nakao, president of the Asian Development Bank (ADB), Seoul's finance minister said South Korea is willing to further build up cooperation with the ADB, and proposed that South Korea and the ADB member states seek ways to capitalize on the so-called fourth industrial revolution.

In response, the ADB president said the bank urges South Korea to share its experience in development with the region's nations, according to the ministry.

South Korea's finance minister Kim Dong-yeon (L) shakes hands with Akinwumi Adesina, president of the African Development Bank (AfDB) in Seoul, on March 13, 2018. (Yonhap)

sam@yna.co.kr
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