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Seoul, 5 Jun (AIM) – South Korea has pledged to disburse one billion dollars to finance development projects in Mozambique, following a memorandum of understanding signed by representatives of both countries.
According to Mozambican President Filipe Nyusi, who was speaking to reporters, at the Korea-Africa Summit, a two-day event taking place in Seoul, “Mozambique, through the Ministry of Economy and Finance, has signed a memorandum for Korea for one billion US dollars in finance.”
The President warned, however, that there was an urgent need to design clear, concrete and prioritized projects, because some projects may be important, but not a priority.
Asked if the amount to be disbursed by the Korean government would be in the form of a grant, Nyusi said “it is to be repaid in the medium term, but under favorable conditions.”
“It means acceptance, solidarity, but it also makes cooperation sustainable and not limited to a simple relationship of recipients and donors”, he added.
Nyusi believed the summit had been a great success, judging by the level of participation.
“We focused on the areas that we consider to be priorities, namely agriculture, energy and infrastructure, but with an emphasis on manufacturing”, he said.
Speaking about the meaning of the Summit’s motto – ‘The Future We Build Together: Economic Growth, Sustainability and Solidarity’, the African countries had made it clear that cooperation “should be through win-win partnerships”, he said.
South Korean President Yoon Suk Yeol announced that he would increase the value of Official Development Assistance to Africa to 10 billion dollars by 2030, as well as providing export financing worth around 14 billion dollars to promote trade and investment by Korean companies in Africa.
“Today, we live in an era of complex transnational crises. If Korea and Africa combine their strengths to find sustainable solutions, they can overcome global challenges and crises together. We will also look for sustainable ways to cooperate on issues directly related to future growth, such as the stable supply of essential minerals and digital transformation”, Yoon said.
(AIM)
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