KOAFEC’s Pledge: $6 Billion for Africa’s Sustainable Future

Deputy Secretary to the Treasury, Mr. Patrick Ocailap, is leading a high-profile delegation representing the Minister of Finance Planning and Economic Development at the 7th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC) in the Republic of Korea. This delegation includes distinguished members such as Amb. Tophace Kaahwa, Uganda’s Ambassador to Japan and South Korea, Mr. Nurh Byarufu, Minister Counselor, and a dedicated team from MoFPED.

This year’s KOAFEC has centered around the theme of “Embracing a sustainable future; just energy transition and agricultural transformation in Africa,”

Korea made a substantial commitment of USD 6 billion to bolster Africa’s development. These funds will be directed towards critical areas, including Agricultural Transformation, Bio-medicine, and Climate Finance.

During the Ministerial meetings, Mr. Patrick Ocailap passionately advocated for Korea’s support in realizing Uganda’s ambitious Energy Transition Plan and driving Agricultural transformation through the PDM Pillars.

The Deputy Secretary has already held productive discussions with the Vice President of the African Development Bank, responsible for Finance, on the sidelines of KOAFEC. They explored avenues to enhance concessional financing for Uganda, underscoring the importance of this partnership.

In the days ahead at the conference, Mr. Ocailap is scheduled for pivotal bilateral meetings with both the President of the African Development Bank and the 1st Vice Minister for International Affairs from the Ministry of Economy and Finance in the Republic of Korea. These meetings are part of an ardent effort to garner even stronger support for Uganda’s Energy Transition Plan and to advance the Agricultural Transformation Agenda through the PDM.