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The Korea-Africa Energy Investment Framework (KAEIF) pact follows the signing on 28 May 2021 of a General Cooperation Agreement between the Bank and the Korean government. The KAEIF focuses on renewable energy solutions in Africa, including generation, transmission, distribution, off-grid- and mini-grid, policy & regulatory reform, energy efficiency and clean cooking projects.
“The KAEIF demonstrates the close cooperation between the African Development Bank and the Republic of Korea on Africa’s energy sector development. KAEIF will provide much needed additional funding to supplement the Bank’s financing, to support accelerated energy access and the continent’s just transition to clean energy,” said Dr. Kevin Kariuki, the African Development Bank’s Vice President for Power Energy, Climate and Green Growth.
The Korean Ministry of Economy and Finance stressed that "similar to how the Korean Government prioritized the Green New Deal as its latest growth engine in the post-COVID-19 landscape, the Facility is expected to help African countries transition to green energy while simultaneously improving access to energy."
KAEIF funds will also support project preparation, capacity building and knowledge-sharing activities through the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund. Korea joined the African Development Fund and the Bank’s Capital in 1980 and 1982, respectively. In 2013, the Korean government set up KOAFEC as a conduit for contributions to multi-donor and special funds managed by the Bank.
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