Africa: KEXIM and AfDB target AI, digitalization, and critical minerals
Signed on September 9 in Seoul, the new protocol covers funding related to digitalization, mining supply chains, and green infrastructure.
SUMMARY
The Korea Export-Import Bank (KEXIM) and the African Development Bank (AfDB) signed an agreement on Wednesday, September 9, 2026, in Seoul aimed at expanding their financial cooperation in Africa, focusing on artificial intelligence, digital transformation, critical minerals, and clean energy infrastructure.
The agreement was signed by KEXIM President Hwang Ki-yeon and AfDB President Sidi Ould Tah, on the sidelines of the 8th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC). The South Korean public bank outlined the main points of the agreement on Thursday, September 10.
The two institutions aim to mobilize additional funding for projects related to AI and digitalization, securing supply chains for critical minerals, as well as green infrastructure and renewable energy. KEXIM describes this new agreement as a comprehensive revision of the cooperation protocol signed with the AfDB in 2005.
This cooperation is part of the broader KOAFEC program, which places AI and digital infrastructure at the heart of the economic partnership between South Korea and Africa. The conference will also frame the upcoming 2027-2028 action plan, which will focus on digital transformation, energy, infrastructure, and private sector development.
Critical minerals: five projects presented to Korean investors
On the sidelines of the conference, the AfDB presented five regional projects focused on critical minerals to leaders from Korean businesses and financial institutions, along with its guarantee and co-financing instruments. The presentation took place on September 8 in Seoul during a high-level dialogue on investment, critical minerals, and sustainable value chains.
AfDB President Sidi Ould Tah advocated for cooperation that does not limit Africa to the export of raw materials. The bank aims to attract more investments towards processing and refining on the continent, as critical minerals play an increasingly important role in the value chains of energy and digital technologies.
The 8th KOAFEC conference is being held in Seoul from September 8 to 11 under the theme “Harnessing AI and Digital Infrastructure for Africa’s Transformation.” It is co-organized by the AfDB, the South Korean Ministry of Finance and Economy, and KEXIM.
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