The Korea-Africa Economic Cooperation (KOAFEC) partnership is opening a new chapter in Seoul next week, with artificial intelligence and digital infrastructure taking centre stage in discussions on Africa’s economic transformation.
The 8th KOAFEC Ministerial Conference will run from September 8 to 11 under the theme, “Harnessing AI and Digital Infrastructure for Africa’s Transformation.” It will bring together African ministers, senior Korean officials, development partners, private sector leaders, investors, innovators and start-up founders to explore how technology, investment and value creation can accelerate Africa’s development. The conference will be officially opened by Prime Minister Han Seong-sook.
The gathering also marks the 20th anniversary of KOAFEC, the flagship platform for Korea-Africa economic cooperation, established in 2006. For the African Development Bank Group, which is a founding pillar of the partnership alongside Korea’s Ministry of Economy and Finance and the Export-Import Bank of Korea (KEXIM), the occasion offers an opportunity to take stock of two decades of cooperation and define a more ambitious agenda for the future.
African Development Bank Group (AfDB) President, Dr Sidi Ould Tah, will lead the Bank’s delegation to Seoul, marking his first official visit to the Republic of Korea since taking office in September 2025, according to a statement by the AfDB.
The 2026 conference will examine how Korean expertise in artificial intelligence, digital infrastructure, ICT, energy, manufacturing and innovation can contribute to Africa’s development priorities.
For the African Development Bank Group, this ambition aligns directly with President Ould Tah’s Four Cardinal Points strategic framework: unlocking Africa’s capital power, rebuilding its financial sovereignty, turning demographic trends into a dividend, and building resilient infrastructure and competitive value chains.
Anchoring the Four Cardinal Points is the New African Financial Architecture for Development (NAFAD), which aims to mobilise substantial African and global capital for the continent’s development needs and bridge its estimated annual financing gap of more than $400 billion.
The renewed partnership comes at a pivotal moment for Africa. The continent’s youthful and growing population, abundant critical minerals and expanding continental market offer significant opportunities. However, converting these assets into productive industries, jobs and inclusive growth will require greater access to capital, technology, infrastructure and skills.
Since its creation in 2007, the KOAFEC Trust Fund has become the Bank Group’s largest active bilateral trust fund. Approximately $50 million in project preparation support has catalysed an investment pipeline exceeding $6 billion and mobilised around $4 billion in financing, supporting operations across sectors including energy, agriculture, digital transformation, infrastructure, natural resources and private sector development.
The partnership has also supported more than 1,300 start-ups and entrepreneurs, benefited more than 1,200 businesses, and helped create more than 5,000 jobs.
The 20th anniversary is also an opportunity to define what the partnership should deliver over the next two decades, as Africa navigates rapid technological change and seeks a stronger position within emerging global value chains.
The conference is expected to culminate in a Joint Declaration setting out a shared vision and practical pathways to deepen Korea-Africa economic cooperation, alongside the introduction of the 2027–2028 Action Plan. The plan will cover digital transformation and artificial intelligence, energy, infrastructure, trade, private sector development and human capital.
