The African Development Bank (AfDB) and the Government of the Republic of Korea, on Thursday, May 30, signed the general cooperation agreement (GCA) that will make it possible for Korea to contribute to special funds and multi-donor funds as well.
Emmanuel Mbi, First Vice-President and COO of the African Development Bank, and Hohyun Jang, Deputy Director General for the International Finance Bureau at the Korean Ministry of Strategy and Finance, signed the agreement on the sidelines of the 2013 AfDB Annual Meetings in Marrakech. Endorsed by the AfDB’s Board of Governors, Thursday in Marrakech, the agreement will flexibly respond to the various development needs of Africa.
Jang underscored that the GCA would help to effectively support inclusive growth and the gradual transition to green growth, two objectives of AfDB’s Ten-Year Strategy (2013-2022). “I believe this is a win-win strategy, allowing the AfDB to use resources from a single-donor trust fund to support multi-donor trust funds.”
On behalf of AfDB President Donald Kaberuka, First Vice-President Mbi thanked Korea for its staunch support to Africa’s development. “The signing of the GCA comes on the heels of the approval of the Bank’s Ten-Year Strategy, and in addition to financing technical cooperation, will provide the framework to finance projects and programs in the Bank’s Regional Member Countries; and to provide contributions to multi-donor and special funds managed by the Bank,” Mbi saidd.
He expressed satisfaction with Korea and the AfDB delivering on their commitment on “this agreement which was first requested by your Government during the Annual Meetings in Arusha in 2012.”
So far, Korea has managed the KOAFEC trust fund, which is a single donor fund. Through the GCA, Korea will contribute to special funds and multi-donor funds as well. The GCA will also allow us to participate in co-financing the AfDB projects and programs in addition to technical cooperation.
Since 2007, the Government of the Republic of Korea has contributed to the KOAFEC trust fund. These grant contributions amount today to US $48 million.
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