Zambia to benefit, as Korean govt reportedly injects $10 billion development assistance into Africa


The Korean government has reportedly expanded its Official Development Assistance to US$10 billion, aimed at catalysing projects for cooperation with Africa, authorities say.

Acting Minister of Foriegn Affairs and International Cooperation, Mulambo Haimbe, highlighted that Korea had also expanded its allocation to export financing of approximately US$14 billion.

Haimbe said this when he represented President Hakainde Hichilema at the 2024 Korea-Africa Summit in Seoul, Republic of Korea.

The Korea-Africa Summit is taking place from June, 4 to June 5, 2024 under the theme: “The Future We Make Together: Shared Growth, Sustainability and Solidarity.”

It was preceded by the Meeting of Ministers of Foreign Affairs on June, 2, 2024.

He stated that the $14 billion export financing was meant to encourage Korean companies to increase trade and investments in Africa.

“Zambia and Africa at large looked forward to mutually beneficial partnerships, encompassing a significant proportion of value addition to raw materials like critical minerals in the host countries,” Haimbe said.

He stated that this includes partnerships in export-led strategies that had aided in the advancement of Korea’s own economy.

Read More: Korea calls for strengthened bilateral relations, as country’s investors eye Zambia’s mining sector (Video)

The Minister highlighted the numerous global challenges that require consented efforts such as climate change which had continued to pose a major and grave threat to Africa’s sustainable development, including Zambia.

“Zambia recognizes the invaluable contributions of Korea to Africa’s socio-economic advancement, particularly through initiatives aimed at capacity building, infrastructure development, agriculture, technology transfer and peace and security,” Haimbe said.

He further highlighted the energy crisis in Southern Africa which could be addressed through sustainable infrastructure development in the energy sector such as the construction of a transmission line to interconnect Zambia’s upstream neighbours.

Haimbe restated that “Instability Anywhere is Instability Everywhere” and further reiterated Zambia’s commitment to promoting solidarity, peace and security, while actively advocating for enhanced collaboration at multilateral fora.

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