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The South Korean government and the African Development Bank (AfDB) on 22 May signed a letter of intent to launch the Korea-Africa Energy Investment Facility to support the New Deal on Energy for Africa, which aims to achieve universal access to energy.The agreement was signed at a Korea-Africa Economic Cooperation meeting held during the AfDB’s annual meetings in Busan, South Korea. The facility will see the AfDB oversee project development with member countries using $600m provided by South Korea over a five-year period.