CBE's Governor participates in the Seventh Ministerial Conference of KOAFEC

Hassan Abdullah, the Governor of CBE, and Rami Aboul Naga, Deputy Governor of CBE, participated in the Seventh Ministerial Conference for Korean-African Economic Cooperation (KOAFEC), hosted by South Korea in Busan from September 12 to 15. The conference was themed "Towards a Sustainable Future: Fair Transition to Clean Energy and Agriculture in Africa."

The conference, organized by the Korean Ministry of Economy and Finance and the Export-Import Bank of Korea in collaboration with the African Development Bank (AfDB), was attended by 500 high-ranking government officials from South Korea and many African countries.

This included governors of African Development Bank member countries, executive directors, African ambassadors, heads of African financial institutions, private sector representatives, civil society organizations, and academics. They discussed issues related to the transition to low-carbon energy and achieving food security in Africa.

Hassan Abdullah also participated in a roundtable discussion with many African governors at the African Development Bank, during which he made 2 interventions. The first was about "Fair Transition to Clean Energy in Africa," addressing the challenges and mechanisms for green growth in Africa.

The second intervention was about "Agricultural Transformation in the African Continent," where he shared insights on Korean-African cooperation in agricultural transformation.

A meeting was held at the Korean Central Bank's headquarters in Seoul, attended by Hassan Abdullah, Rami Aboul Naga, Rhee Chang-Yong, Governor of the South Korean Central Bank, and Min Ju-Hong, Deputy Governor of the South Korean Central Bank. They discussed various areas of common cooperation, especially strengthening financial ties between the two countries.

Korean-African Economic Cooperation (KOAFEC) was established in 2006 by South Korea to contribute to the African development agenda. In the same year, the first ministerial conference was launched to enhance consultations between Korean and African government officials, and since then, the conference has evolved into a biennial gathering.

It's worth noting that the Credit Fund of Korean-African Economic Cooperation has supported numerous projects in the Arab Republic of Egypt, including financing the project to electronically link several African stock exchanges (AELP), including the Egyptian Stock Exchange. This will facilitate trading procedures and enhance intra-African investments.

Additionally, the fund supported the preparation of a feasibility study on integrated sanitation technologies in some rural areas in Upper Egypt, as well as contributed to the preparation of the "Treatment of Sludge from the Abu Rawash Green Sewage Treatment Plant" project.