AfDB VP Highlights Role of PPPs in Advancing African Infrastructure During Visit to South Korea

During his visit, Quaynor delivered a keynote address at the Global Infrastructure Cooperation Conference (GICC) and engaged with leaders from Korean government agencies and the private sector.

African Development Bank Group Vice President for Private Sector, Infrastructure, and Industrialization, Solomon Quaynor, recently wrapped up a two-day visit to South Korea from September 9-10, where he underscored the vital role of public-private partnerships (PPPs) in driving infrastructure development across Africa.

During his visit, Quaynor delivered a keynote address at the Global Infrastructure Cooperation Conference (GICC) and engaged with leaders from Korean government agencies and the private sector. He encouraged them to explore the vast investment opportunities available in Africa, particularly in light of the upcoming Africa Investment Forum, scheduled 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 participants at the GICC. “However, Africa has emerged as a top performer in the infrastructure sector, particularly concerning PPPs,” he emphasized, referencing a Moody’s Analytics report that ranks continents based on a 10-year 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. The conference aims to enhance overseas contracts for Korean companies while fostering partnerships with global financial institutions for infrastructure development. Quaynor was accompanied by members of the Bank’s Asia External Representation Office.

Investment Opportunities and Collaborations

Quaynor highlighted Korea's significant contributions to Africa's infrastructure landscape, noting that the country ranks among the top six non-African nations supporting sustainable and resilient infrastructure development through projects funded by the African Development Bank Group. He pointed out that 69 priority regional and continental projects—recently approved by the Program for Infrastructure Development in Africa—hold an estimated value of $160 billion across various sectors, including transport, energy, ICT, and water. These projects present substantial opportunities for Korean infrastructure contractors through 2030.

During the visit, the African Development Bank Group delegation met with Kwang-hyo Ko, Commissioner of the Korea Customs Service (KCS), to sign an Aide Memoire on customs reform and modernization, initially agreed upon in July 2024. The discussions included a visit to the Incheon Airport Customs Express Logistics Center and talks with the Customs Uni-Pass International Agency and the Korea Customs and Trade Development Institute.

Quaynor’s visit not only reinforced the importance of PPPs in addressing Africa’s infrastructure needs but also highlighted the collaborative efforts between African and Korean entities to unlock investment potential and drive sustainable development across the continent.