South Korea to extend $6 bn in financing for African projects

Economic news

South Korea will offer $6 billion in cheap loans and funds to domestic companies between 2024 and 2025 to finance their construction and development of infrastructure facilities in Africa. It will mark the country’s largest-ever export financing committed to the continent with an aim of reducing its heavy reliance on China for core minerals and containing China’s influence in the global manufacturing supply chain. The declaration was released following the 2023 KOAFEC Conference held in Busan, South Korea.

Source : Korea Economic Daily

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