World Bank Group opens Korea office
The World Bank Group (WBG) opened its Korea office in Songdo District, Incheon, on December 4.
The Korea office will host employees from the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA), two of the five members of the WBG, to pursue various cooperative projects related to knowledge sharing, development finance and investment guarantees. The IFC provides assistance to developing countries through private sector institutions and will offer advice to Korea’s private investors when they participate in financial projects in developing markets.
“I hope the Korea office successfully establishes itself as a knowledge-sharing hub in Asia in the near future,” said Deputy Prime Minister Hyun Oh-seok, who also serves as minister of strategy and finance (MOSF). “The World Bank Group has years of experience in dealing with climate change, and in order to create synergy in the field it needs to closely cooperate with the Green Climate Fund (GCF).”
In response, WBG President Jim Yong Kim said Korea and the WBG should share knowledge with developing nations through the Korea office to achieve two of the WBG’s major goals -- ending extreme poverty and sharing prosperity.
“The World Bank Group aims to eradicate extreme poverty in the world by 2030 and increase the income of the bottom 40 percent of each nation,” Kim said. “Korea will bring together the public and private sector sides of our operation and expand its international role further in the future.”
The Korea office plans to start its operation early next year and conduct training programs for financial institutions and policymakers in Asia and regional financial projects.
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The Korea office will host employees from the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA), two of the five members of the WBG, to pursue various cooperative projects related to knowledge sharing, development finance and investment guarantees. The IFC provides assistance to developing countries through private sector institutions and will offer advice to Korea’s private investors when they participate in financial projects in developing markets.
Deputy Prime Minister Hyun Oh-seok makes a speech at the opening of the WBG’s Korea office. (Photo courtesy of Ministry of Strategy and Finance)
“I hope the Korea office successfully establishes itself as a knowledge-sharing hub in Asia in the near future,” said Deputy Prime Minister Hyun Oh-seok, who also serves as minister of strategy and finance (MOSF). “The World Bank Group has years of experience in dealing with climate change, and in order to create synergy in the field it needs to closely cooperate with the Green Climate Fund (GCF).”
In response, WBG President Jim Yong Kim said Korea and the WBG should share knowledge with developing nations through the Korea office to achieve two of the WBG’s major goals -- ending extreme poverty and sharing prosperity.
Participants of the Korea office’s opening ceremony unveil the WBG logo. (Photo courtesy of the MOSF)
Deputy Prime Minister Hyun Oh-seok (fifth from left) and WBG President Jim Yong Kim (fifth from right) shake hands at the ceremony. (Photo courtesy of the MOSF)
“The World Bank Group aims to eradicate extreme poverty in the world by 2030 and increase the income of the bottom 40 percent of each nation,” Kim said. “Korea will bring together the public and private sector sides of our operation and expand its international role further in the future.”
The Korea office plans to start its operation early next year and conduct training programs for financial institutions and policymakers in Asia and regional financial projects.
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By Limb Jae-un
Korea.net Staff Writer
jun2@korea.kr
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