Korea and ADB Hold High-Level Annual Consultations, Deepen Cooperation on AI and Critical Minerals

[Financial News] The Ministry of Economy and Finance is joining forces with the Asian Development Bank (ADB) to expand development cooperation in artificial intelligence (AI). The plan is to combine Korea’s AI technology with ADB’s development finance and regional networks to support the development of AI infrastructure in developing countries and broaden opportunities to participate in international development projects.
The Ministry of Economy and Finance said it held the 2026 Korea-ADB High-Level Annual Consultations with ADB at the Export-Import Bank of Korea in Seoul on the 11th, where the two sides discussed policy directions and key areas for cooperation. Moon Ji-sung, the ministry’s Director General for International Economic Affairs, and ADB Vice President for Administration and Corporate Management Yoo Hye-kyung attended as the respective chief delegates.
At the consultations, the two sides signed a contribution agreement for the K-AID Trust Fund. The fund will support the operation of ADB’s AI Innovation and Development Center (CAID) and development cooperation projects in AI. The key is to connect Korea’s AI technology and experience with ADB’s development finance and regional network in Asia.
Director General Moon also outlined Korea’s policy direction for official development assistance (ODA). The policy is to strengthen mutual benefit, project outcomes and accountability, and expand links among development cooperation instruments. He also presented a package-based cooperation framework connecting the Economic Development Cooperation Fund (EDCF), the Knowledge Sharing Program (KSP) and the e-Asia Knowledge Cooperation Fund.
In particular, he introduced the Global AI Hub and the K-AI Package and asked ADB to expand the participation of Korean companies and experts in its projects. The K-AI Package is a project model that combines Korea’s AI technology and infrastructure with loan-based ODA to provide developing countries with comprehensive support, ranging from AI solutions to data centers and power supply facilities.
ADB outlined its development cooperation approach in its strategic business outlook for 2027 to 2029, which links public- and private-sector projects with financial, knowledge and policy support. It identified AI and digital transformation, regional integration, private-sector development and climate change response as key areas for cooperation with Korea.
In addition to AI cooperation, the two sides discussed plans to establish and operate CAID and directions for launching initial cooperation projects. They shared updates on the activities and future operating plans of the Korea-ADB Climate Technology Hub (K-Hub), and the Korean side proposed using the Global High-Integrity Carbon Market (GVCM) in future K-Hub projects. They also discussed strengthening performance management of Korea-ADB trust funds, linking them with follow-on loan projects, and expanding the participation of Korean companies and institutions in projects.
Following the annual consultations, ADB Vice President Yoo paid a courtesy visit to Heo Jang, the Ministry of Economy and Finance’s Second Vice Minister, to share the outcomes of the consultations and express both sides’ commitment to expanding cooperation. Vice Minister Heo urged follow-up measures to ensure that the issues discussed at the meeting lead to concrete projects and results.



[email protected] Kim Chan-mi Reporter