According to Yonhap News,
South Korea and Morocco have held a policy consultation meeting on envisioned joint economic and industry projects through a cooperation fund, Seoul's finance ministry said Wednesday.
During the two-day meeting held in Rabat from Monday, the two nations chose energy, transportation, green growth and digital fields as key cooperation fields under the Economic Development Cooperation Fund (EDCF) framework and discussed candidate projects, according to the finance ministry.
The move came as South Korea and Africa renewed the EDCF Framework Arrangement that calls for increasing Seoul's support for Africa to US$1 billion from $300 million during the inaugural Korea-Africa Summit held in Seoul in June.
South Korea and Morocco also signed a separate arrangement on the EDCF program in June to lay the legal foundation.
South Korea launched the EDCF program in 1987 with the purpose of supporting economic and social infrastructure projects in developing countries.
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Source: Yonhap News (September 25, 2024)