African Development Bank targets Korean investment in minerals and AI

The African Development Bank (AfDB) is strengthening its partnership with South Korea to drive industrial and digital growth across Africa. During the Korea-Africa Economic Cooperation Ministerial Conference in Seoul, the AfDB presented five regional projects focused on critical minerals to Korean investors. The initiative aims to move Africa beyond raw material exports by investing in local refining, processing, and industrial production to increase value addition and job creation.

In a separate move toward digital advancement, the AfDB signed a three-year letter of intent with South Korea’s National Information Society Agency (NIA). This agreement focuses on cooperation in artificial intelligence and digital transformation, covering areas such as data governance, the creation of AI-ready datasets, and digital public infrastructure. While the NIA provides technical expertise, the AfDB will identify regional priorities and mobilize financing, utilizing the KOAFEC trust fund to support these technological developments.