South Korea and ADB to boost critical mineral cooperation

South Korean President Lee Jae Myung and Asian Development Bank (ADB) President Masato Kanda have agreed to expand cooperation on critical mineral supply chains, artificial intelligence, and energy. During talks in Seoul, the leaders discussed leveraging South Korean technology and financing to support mineral projects in Central Asia, a region noted for its abundant natural resources.

To support these efforts, Korea Eximbank and the Korea Trade Insurance Corporation (K-SURE) have signed memoranda covering up to $500 million each, creating a combined potential co-financing commitment of up to $1 billion. This capital is intended to bolster the ADB’s Critical Minerals-to-Manufacturing Financing Partnership Facility, which supports the entire value chain from mining and processing to manufacturing and recycling.

In addition to minerals, the two parties discussed integrating South Korean AI capabilities with ADB development expertise and exploring cooperation on energy initiatives, such as the ASEAN Power Grid project.