CBE Governor attends Korea-Africa Economic Cooperation conference

The Central Bank of Egypt (CBE) Governor Hassan Abdullah and Deputy Governor Rami Abul Naga participated in the 7th Korea-Africa Economic Cooperation (KOAFEC) Conference in South Korea where high-level African and South Korean representatives met to the issues of transitioning to low-carbon energy and achieving food security on the African continent.

The conference was organized by the South Korean Ministry of Economy and Finance and the Korea Export-Import Bank, in cooperation with the African Development Bank (AfDB).

Under the title, Towards A Sustainable Future: Just Energy Transition and Agricultural Transformation in Africa, 500 senior government officials from South Korea and a large number of African countries attended the conference, including governors of member states of the African Development Bank Group and executive directors, as well as a group of African ambassadors, heads of African financial institutions, representatives of the private sector, civil society organizations and academics.

The CBE Governor attended round tables and discussions centered on two priority subjects with a large number of African countries’ central bank governors; “The Just Transition to Clean Energy in Africa,” where the challenges facing the country were addressed, including green growth in Africa and the mechanisms required; “Agricultural Transformation in The African Continent,” where Abdullah expressed his views regarding Korean-African cooperation in the agricultural transformation field.

Abdullah and Deputy Governor Abul Naga also met with Rhee Changyong, the Governor of the Central Bank of South Korea (Bank of Korea) and his Deputy Governor Min Jwahong, to discuss areas of joint cooperation, particularly strengthening financial ties between the two countries.

The Korea-Africa Economic Cooperation (KOAFEC) was established in 2006, at the initiative of South Korea to contribute to the African development agenda. In the same year, the first Ministerial Conference was launched to enhance consultation between Korean and African government officials. Since then, the conference has developed into a regular gathering held every 2 years.

It is worth noting that the Fund of the Korea-Africa Economic Cooperation has contributed to many projects in Egypt, the most prominent of which is financing the electronic link project between a number of African stock exchanges (AELP), including the Egyptian Stock Exchange; This will result in facilitating trading procedures and enhancing intra-African investments.