Korea Eximbank taps Africa's AI, minerals, infrastructure markets

The Export-Import Bank of Korea (Korea Eximbank) has signed a memorandum of understanding (MOU) with the African Development Bank (AfDB) to expand financial cooperation in Africa, the state-run lender said Thursday. The agreement was signed in Seoul the previous day by Korea Eximbank Chairman and CEO Hwang Ki-yeon and AfDB President Sidi Ould Tah on the sidelines of the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference. The KOAFEC Ministerial Conference is jointly hosted by Korea's Ministry of Finance and Economy, Korea Eximbank and the AfDB to promote economic cooperation between Korea and Africa. The MOU covers financing cooperation in several areas, including artificial intelligence (AI), digital transformation, critical mineral supply chains, and green and renewable energy infrastructure. The two institutions agreed to work together to expand financing for projects addressing emerging global economic challenges and supporting new industries. The agreement marks a comprehensive revision of an MOU first signed by the two institutions in 2005, according to Korea Eximb