The government is expected to announce a plan to create a ten billion-dollar financial assistance package for Africa as a way of strengthening economic ties with the continent.

Seoul's Ministry of Strategy and Finance said participants of the fifth Korea-Africa Economic Cooperation(KOAFEC) meeting, which opened on Monday, will fine-tune details of the proposal over the next couple of days. 

The ministry said it hopes to secure the cooperation package for Africa over the next four years.

Established in 2006, KOAFEC is a ministerial-level conference held biennially through which South Korea’s economic development knowhow is shared with African countries. It is also designed to enhance cooperation between South Korea and Africa on natural resources development and help South Korean companies gain a foothold in Africa.

With around 300 African delegates in attendance, the fifth meeting the largest in scale to date.

Among the major attendees are the ministers and vice ministers from 41 African countries, representatives of five international organizations based in Africa and the head of the African Development Bank(AfDB). The CEOs of 20 privately owned companies in Africa are also making their first presence at the meeting.