Africa: KOAFEC 2026 - Korea, African Development Bank Chart New Phase of Partnership On Ai, Digital Infrastructure and Private Investment

What the report says

The African Development Bank Group and South Korea are signaling a new phase in their long-running cooperation, centered on artificial intelligence, digital infrastructure and private investment in Africa. According to the African Development Bank material republished by AllAfrica, AfDB President Dr Sidi Ould Tah met in Seoul on Tuesday 8 September with Koo Yun-cheol, South Korea’s deputy prime minister and minister of finance and economy, shortly before the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference. The meeting also marked the 20th anniversary of the partnership.

The bank said both sides want to broaden collaboration beyond traditional development finance and place greater emphasis on mobilizing Korean public and private capital, technology and industrial expertise. Dr Ould Tah said scaling AI across Africa would require investment in power, infrastructure, skills and data systems, while also encouraging Korean firms to invest in the continent’s critical minerals value chain, including processing and industrialization.

The conference produced a 2027-2028 action plan covering digital transformation, AI, energy, infrastructure, trade, private-sector development and human capital, along with a joint declaration on future cooperation. The article also highlighted the KOAFEC Trust Fund, established in 2006, which the bank says has helped support investment operations, entrepreneurs and job creation. More broadly, the partnership matters because it links African development priorities with Korea’s technology and capital base, especially as African governments seek more private investment and digital capacity.