Highlights from the Inaugural Korea-Africa Summit

South Korea pledged to donate $10bn to Africa in foreign aid by 2030 and offer a further $14bn in export credits to Korean firms wanting to enter the African markets. Seoul also signed a $2.5bn concessional loan agreement with Tanzania, with the money being used to fund significant upgrades in the healthcare infrastructure in Zanzibar. A similar $1bn deal was signed with Ethiopia to fund development in infrastructure, science and technology, health, and urban development. The summit, attended by 30 African heads of state, had a heavy focus on critical minerals, with South Korea and African leaders agreeing to launch a “critical minerals dialogue.” President Yoon Suk Yeol said the dialogue would aim to “set an example for a stable supply chain through mutually beneficial cooperation and contribute to sustainable development of mineral resources around the world.”

AFRICAN BUSINESS