African Development Bank Woos Korean Businesses for Infrastructure Development in Africa
African Development Bank Group Vice President for Private Sector, Infrastructure, and Industrialization, Solomon Quaynor, recently concluded a two-day visit to South Korea, where he emphasized the crucial role of public-private partnerships (PPPs) in advancing African infrastructure development.
During his September 9-10 visit, Quaynor delivered a keynote address at the Global Infrastructure Cooperation Conference (GICC)(link is external) and engaged with leaders from Korean government agencies and the private sector. He encouraged them to explore the vast investment opportunities in Africa and highlighted the upcoming Africa Investment Forum, set to take place in Rabat, Morocco, from December 4-6.
“One key impediment to scaling up PPPs and private sector investment is the substantial perception of risk,” Quaynor told GICC participants. “However, Africa has emerged as a top performer in the infrastructure sector, particularly concerning PPPs,” he added, citing Moody’s Analytics ranking of contients in a 10-year retrospective analysis of default rates.
The GICC, hosted by Korea’s Ministry of Land, Infrastructure, and Transport and supported by the Ministry of Foreign Affairs, was organized by the International Contractors Association of Korea. It seeks to boost overseas contracts for Korean companies and foster partnerships with global financial institutions in infrastructure development. Quaynor was accompanied by the Bank’s Asia External Representation Office staff members.
Quaynor said Korea is among the top six non-African countries supporting the development of sustainable and resilient infrastructure in Africa through African Development Bank Group funded sovereign projects. He noted that some 69 priority regional and continental projects, recently approved by the Program for Infrastructure Development in Africa, with an estimated value of $160 billion across transport, energy, ICT, and water sectors, present significant opportunities for Korean infrastructure contractors through 2030.
The African Development Bank Group’s delegation met with Kwang-hyo Ko, Commissioner of the Korea Customs Service (KCS), where both parties signed an Aide Memoire on customs reform and modernization, initially agreed upon in July 2024. The meeting included a visit to the Incheon Airport Customs Express Logistics Center and discussions with the Customs Uni-Pass International Agency and the Korea Customs and Trade Development Institute.
In a separate meeting with Man-hee Han, Chairman of the International Contractors Association of Korea, Quaynor discussed the expansion of Korean participation in African infrastructure projects, particularly as the country increases its Official Development Assistance to Africa. Han expressed his commitment to collaborate with the African Development Bank Group on projects aligned with its High-5 priority areas.
Quaynor also held bilateral discussions with senior executives from Korean companies that have made significant investments in Africa. The companies include Daewoo E&C, which has a 30-year history of operating in Africa, Dohwa Engineering, and Samsung C&T. The talks focused on potential collaboration, enhancing project execution, and expanding future ventures in Africa.
Korean private sector leaders and government officials congratulated the African Development Bank Group on its 60th anniversary, a milestone highlighted throughout Quaynor’s interactions with them on September 10.
