The government has decided to provide a six billion-dollar financial assistance package to Africa.

The finance ministry said the package was included in a South Korea-Africa joint declaration that was issued at the 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference chaired by finance minister Choo Kyung-ho in Busan on Wednesday. 

The financial assistance will be provided for the next two years, with one-and-a-half billion dollars coming from the Economic Development Cooperation Fund and four-point-three billion dollars via export financing. Some 24 million dollars of the financial aid will be provided through KOAFEC Trust Fund.

The latest move comes after South Korea unveiled plans to provide five billion dollars in financial support to Africa in the previous KOAFEC ministerial gathering. 

Also on Wednesday, Choo and African Development Bank Group President Akinwumi Adesina signed an agreement on South Korea donating an additional 28-point-six million dollars to the KOAFEC Trust Fund through 2025.