3 Countries Ink Cooperation Deals with AfDB

South Korea, China and Brazil have expanded their cooperation with the African Development Bank in support of projects and programs in the bank’s member states.

On the first day of the AfDB annual meetings in Portugal, the bank and South Korea signed an agreement that provides $8.5 million to the Korea Africa Economic Cooperation Trust Fund. This brings South Korea’s total contributions to the fund to $26 million since 2007.

South Korea’s new contribution will be spent primarily to support information technology initiatives in AfDB member states, according to a news release from the bank.

Brazil, meantime, agreed to provide $6 million to help AfDB promote cooperation among its member countries. The money will be coursed through Brazil’s South-South Cooperation Trust Fund, which supports the sharing of development expertise, knowledge and technologies among developing countries, with a focus on agriculture, private sector development, governance, health, and social development, among others.

Also, AfDB and the Agricultural Bank of China signed a memorandum of understanding to cofinance and support infrastructure, agriculture and agribusiness, trade, energy conservation and clean energy initiatives in Africa. The two banks also agreed to collaborate on investment banking and knowledge sharing, among other areas.

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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.