World Bank, Korea partner to support Africa’s transformation

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The government of Korea and the World Bank have reinforced their ongoing partnership to support Sub-Saharan Africa’s universities and research institutions in growing highly qualified local talent in areas important for Africa’s transformation, such as renewable energy, big data, artificial intelligence, and engineering.

The Memorandum of Understanding (MoU) between the World Bank and Korea is based on the margins of the African Development Bank Annual Meetings.Under the MoU, the government of Korea will set up a US $10m trust fund at the World Bank to support the Regional Scholarship and Innovation Fund (RSIF).

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Investments in human capital

This partnership between Korea and the World Bank towards the Africa region will establish a new milestone of tripartite cooperation. This will help Africa build human capital and capacity in science and technology, while also contributing to the innovative growth of African countries by setting the foundation for Africa’s industrialisation,” said Ko Hyoung-kwon, first vice minister of strategy and finance, Republic of Korea.

According to Annette Dixon, VP for human development at the World Bank, Investments in human capital have the power to transform the economic trajectory of nations and will be particularly powerful in Africa, which has the youngest population in the world.

“The Korea-Africa initiative aims to propel ongoing efforts by African governments to build a stronger homegrown workforce in the science and technology fields – a valuable asset in the face of rapidly evolving labour markets.”