SEOUL, Nov. 11 (Yonhap) -- South Korea has pledged to contribute US$20 million to an Asian Development Bank (ADB) trust fund aimed at supporting artificial intelligence (AI) development projects, the finance ministry said Wednesday.
The Ministry of Finance and Economy held an annual consultation meeting with the ADB in Seoul, during which the two sides signed a contribution agreement for the Korea AI for Development Trust Fund.
The fund is aimed at supporting the operation of the Center for AI Innovation and Development, which will be established in South Korea under an agreement reached with the ADB in May.
During the meeting, Moon Ji-sung, deputy minister for international economic affairs, also briefed the ADB on the country's official development assistance policies and directions.
In response, Hae Kyong Yu, vice president for administration and corporate management at the ADB, expressed a willingness to expand cooperation with South Korea in AI, digital transformation, private-sector development and climate change, according to the ministry.
This image provided by the Asian Development Bank shows its logo. (PHOTO NOT FOR SALE) (Yonhap)
This image provided by the Asian Development Bank shows its logo. (PHOTO NOT FOR SALE) (Yonhap)