ID :
91339
Tue, 11/24/2009 - 14:38
Auther :
Shortlink :
https://www.oananews.org//node/91339
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Seoul to double development aid for Africa to $214 mln by 2012
By Tony Chang
SEOUL, Nov. 24 (Yonhap) -- South Korea on Tuesday promised to double its
development assistance to Africa to US$214 million by 2012 from last year by
supporting projects to fight poverty and help the continent achieve sustainable
growth.
"We agree to strengthen our partnership in order to support Africa in eradicating
poverty and achieving sustainable development as well as to promote the
prosperity of African countries and Korea," a joint ministerial statement from
the second Korea-Africa Forum said.
The agreement was reached during a meeting in Seoul between Yu Myung-hwan, South
Korea's foreign minister, and his counterparts from 15 African countries on the
sidelines of the forum, which is aimed at strengthening ties on development and
cooperation on green growth.
The partnership between Seoul and Africa would be strengthened "through doubling
Korea's official development assistance to Africa by 2012 compared to 2008 and
enhancing the effectiveness of partnership," the statement said.
Seoul in recent years has stepped up its diplomacy efforts towards Africa, with
credit and grant-type aid to the continent rising to a total of US$107.1 million
in 2008, compared to $42.4 million in 2005.
The funds, which will include both credit and grant-type aid, will be allocated
to a wide range of areas, most notably projects aimed at eradicating poverty and
fostering sustainable development.
They will also go towards rural development, vocational training and enhancement
of information communication technology.
On the issue of climate change, the ministers agreed to establish an
"environmental master plan," initiate feasibility studies on environmental
projects and explore "green business" models like eco-tourism.
Two-way trade between South Korea and African countries reached US$13.43 billion
in 2008, with Seoul's exports to Africa rising 13.7 percent on-year to $9.38
billion. In the first four months of 2009, exports to Africa jumped 24.9 percent
to $2.39 billion.
With the exception of Oceania, Africa is the only region where South Korean
exports grew coming into this year.
South Korea has been moving to acquire development rights and stakes in various
resource development ventures in Africa for the past several years to better
insulate itself from sudden fluctuations in international raw material prices.
Despite having a heavy-industry base, South Korea imports most of its raw
materials and resources from abroad.
odissy@yna.co.kr
(END)
SEOUL, Nov. 24 (Yonhap) -- South Korea on Tuesday promised to double its
development assistance to Africa to US$214 million by 2012 from last year by
supporting projects to fight poverty and help the continent achieve sustainable
growth.
"We agree to strengthen our partnership in order to support Africa in eradicating
poverty and achieving sustainable development as well as to promote the
prosperity of African countries and Korea," a joint ministerial statement from
the second Korea-Africa Forum said.
The agreement was reached during a meeting in Seoul between Yu Myung-hwan, South
Korea's foreign minister, and his counterparts from 15 African countries on the
sidelines of the forum, which is aimed at strengthening ties on development and
cooperation on green growth.
The partnership between Seoul and Africa would be strengthened "through doubling
Korea's official development assistance to Africa by 2012 compared to 2008 and
enhancing the effectiveness of partnership," the statement said.
Seoul in recent years has stepped up its diplomacy efforts towards Africa, with
credit and grant-type aid to the continent rising to a total of US$107.1 million
in 2008, compared to $42.4 million in 2005.
The funds, which will include both credit and grant-type aid, will be allocated
to a wide range of areas, most notably projects aimed at eradicating poverty and
fostering sustainable development.
They will also go towards rural development, vocational training and enhancement
of information communication technology.
On the issue of climate change, the ministers agreed to establish an
"environmental master plan," initiate feasibility studies on environmental
projects and explore "green business" models like eco-tourism.
Two-way trade between South Korea and African countries reached US$13.43 billion
in 2008, with Seoul's exports to Africa rising 13.7 percent on-year to $9.38
billion. In the first four months of 2009, exports to Africa jumped 24.9 percent
to $2.39 billion.
With the exception of Oceania, Africa is the only region where South Korean
exports grew coming into this year.
South Korea has been moving to acquire development rights and stakes in various
resource development ventures in Africa for the past several years to better
insulate itself from sudden fluctuations in international raw material prices.
Despite having a heavy-industry base, South Korea imports most of its raw
materials and resources from abroad.
odissy@yna.co.kr
(END)
