President Yoon Suk Yeol in a group photo with African leaders during the opening of the Korea-Africa Summit in Seoul, the capital city of South Korea on Tuesday, June 4, 2024.
Source: Ghanaija
The inaugural Korea-Africa Summit opened in Seoul, the capital of Korea, on Tuesday, June 4, 2024, with billions of dollars being borrowed from South Korea by some African Leaders.
The summit is being held with plans of aid on industrial infrastructure and digital transformation.
Tanzania says it would borrow $2.5 billion over the next five years from South Korea through concessional loans, while Ethiopia signed a $1 billion financing deal over four years for infrastructure, science and technology, health and urban development. Other African countries are likely to announce borrowings from Korea by the close of the summit.
President of South Korea, Yoon Suk Yeol, opened the inaugural Korea-Africa Summit being attended by about 30 heads of state, as well as business leaders and government officials from 48 countries including Tanzania President, Samia Suluhu Hassan,Cote D’Ivoire President, Alassan Ouattara, Uganda Vice President, Jessica Alupo.
Africa’s rich mineral resources and its potential as a major export market are at the top of South Korea’s agenda as it hosts the summit.
Earlier, President Yoon’s office announced that he and the Chair of African Union and President of Mauritania, Mohamed Ould Ghazouani, will issue a joint statement.
Also, on Wednesday, June 5th, Korean business leaders will host a business summit focused on investment, industrial development and food security.
President Yoon has since Friday been holding meetings with the Presidents of Tanzania, Ethiopia, Sierra Leone, Zimbabwe, Rwanda, Togo, and Mozambique.
