South Korea and the African Development Bank(AfDB) have paved the way to facilitate their cooperation in developing the infrastructure needed to provide electricity and information services to the African continent.

Minister of Trade, Industry and Energy Joo Hyung-hwan met with AfDB President Akinwumi Adesina in Seoul earlier this week and agreed to establish an organization tentatively dubbed "Korea-Africa Infrastructure Facility."

The organization will seek to discover promising infrastructure projects in the areas of energy, water resources, information and road and rail services. The African Development Bank and companies and government agencies of multiple countries will take part in the initiative.

Joo and Adesina also agreed to cooperate on ways to jointly use the AfDB's 12-billion dollar investment funds aimed at establishing an energy-supply structure in the African continent over the next five years.

During the Sunday meeting, Adesina also stressed the importance of preventing power leakages as well as securing clean water and building transport infrastructure such as railways to industrialize and urbanize Africa.

Joo noted that South Korea's power loss rate is in the three percent range, which is among the lowest in the world, and that the country boasts world class technology in water resources development and infrastructure construction.