African Development Bank's meeting to be held in Busan

A regional development bank in Africa will hold its annual meeting in South Korea next week, with a gathering to discuss economic cooperation between Asia's fourth-largest economy and the continent to take place as well, the finance ministry here said Wednesday.

The 53rd annual meeting of the African Development Bank (AfDB), scheduled to run in the country's southern port city of Busan from Monday to Friday, is expected to draw more than 6,000 finance ministers, governors of central banks, heads of international organizations, business leaders and journalists from nearly 80 member states.

The AfDB was established in 1964 as a way to contribute to the economic and social development of Africa through promoting investment with 54 member countries from the continent and 26 from outside the region. South Korea joined the organization in 1984.

Under the theme of "Accelerating Africa's Industrialization," participants will discuss ways to promote African nations' development and cooperation.

World Bank chief Jim Yong Kim, Morocco's Prime Minister Eddine El Othmani, South Korean Finance Minister Kim Dong-yeon and finance chiefs from many African nations will participate in this year's annual gathering, according to the ministry.

On the sidelines of the AfDB annual meeting, the Korea-Africa Economic Cooperation (KOAFEC) meeting will be held as well.

Started in 2006, the biennial KOAFEC meeting has been aimed at sharing South Korea's experience on economic development and enhancing cooperation in resource development.

Earlier, South Korea said it will create a US$10 billion financial cooperation package, including the Economic Development Cooperation Fund (EDCF) launched in 1987, to help emerging countries with cheap loans and its Knowledge Sharing Program (KSP). KSP, initiated in 2004, offers Seoul's growth experience and other useful expertise.

During the meeting, South Korea and the KOAFEC countries will discuss Korea-Africa cooperative projects and map out detailed methods to implement proposed programs. (Yonhap)