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The historic Korea-Africa Summit opened June 4, as South Korean President Yoon Suk Yeol announced that his government will bolster its official development assistance (ODA) fund to African nations to $10 billion by 2030. In addition he pledged to provide $14 billion of export financing to Korean firms to stimulate Korean investments across Africa.

Hosted by the government of the Republic of Korea, the two day summit brings together delegations from 48 African countries, 25 of whom were state leaders. Heads of international organizations such as the African Union (AU), Africa Development Bank, African Continental Free Trade Agreement (AfCFTA), and Africa Center for Disease Control also took part.

“Today’s event marks Korea’s inaugural multilateral summit with African nations. This occasion affirms that African countries are key partners in realizing Korea’s goal of becoming a global pivotal state,” Yoon said at the opening ceremony. “By combining Africa’s youthful energy and abundant resources with Korea’s advanced technology and diverse expertise, I believe we can deliver sustainable solutions to global challenges,” Yoon said.

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