According to the Export-Import Bank of Korea, the memorandum of understanding was concluded during the eighth Korea-Africa Economic Cooperation Ministerial Conference held in Seoul.
Expanding Financial Cooperation in AI and Mineral Supply Chains
The updated agreement establishes a framework for bilateral cooperation between Export-Import Bank of Korea and the African Development Bank, a multilateral development bank founded in 1964. Export-Import Bank of Korea Bank President Hwang Ki-yeon and African Development Bank President Sidi Ould Tah signed the pact to address shifting global economic conditions. The institutions agreed to focus financing on artificial intelligence and digital transformation, stabilization of critical mineral supply chains, and eco-friendly renewable infrastructure.
According to Export-Import Bank of Korea, Africa represents a strategic hub with high growth potential and essential resources required for the global artificial intelligence transition. The arrangement marks a comprehensive renewal of the two institutions’ partnership in 21 years, building on an initial agreement signed in 2005 to coincide with the twentieth anniversary of the ministerial conference co-hosted by the Ministry of Finance and Economy, the export bank, and the African Development Bank.
Leadership Shifts at Credit Guarantee Fund
According to the Credit Guarantee Fund, Kim brings decades of internal experience since joining the institution in 1991, having previously served as head of the ICT Strategy Department, head of the Management Planning Division, and leader of regional operational headquarters including Busan-Gyeongnam, Honam, and Western Seoul. Kim has served as the executive director of the management planning division since May 2024, and his new term runs through May 25, 2027.
Public Trust Services for Vulnerable Populations
According to Woori Bank, the Property Management Support Service is designed to safeguard assets for vulnerable populations, including dementia patients and individuals with developmental disabilities.
Under the agreement signed at the National Pension Service Gangnam office, the National Pension Service will oversee the disbursement of funds for everyday living expenses such as medical and nursing care. Woori Bank will manage the trust funds and provide dedicated financial products with preferential benefits, while Woori Card will supply specialized payment solutions to help users purchase medical care and daily necessities securely.