South Korea will substantially increase the aid and economic know-how it provides Africa with in order to increase its growth potential.

The government announced Wednesday these and other plans at a Korea-Africa Economic Cooperation (KOAFEC) meeting held in Seoul, with 35 African nations in attendance.

Seoul said it plans to double its aid for Africa to one billion dollars over the next five years through the Economic Development Cooperation Fund.

In addition, it plans to use the KOAFEC Fund established by the African Development Bank to provide financing for the transfer of economic development experience and technological collaboration.

To reduce the risk for South Korean companies making inroads into Africa, export financing and export insurance at credit agencies will be increased.