Flags of South Korea
World Bank opens its first Korean Office and at the same time is set to launch a $90 million fund to help emerging countries.
The partnership between the South Korean government and the World Bank has been named the "Korea-World Bank Partnership Facility" and is designed to offer emerging economies support over three years in areas such as infrastructure, economic development policy and IT.
"Korea's experience in sustainable development, providing efficient infrastructure and services to improve the lives of its people, combined with its transition to a dynamic knowledge economy, provides lessons that can benefit many other developing countries," World Bank president Jim Yong Kim told reporters.
Korea's Finance Minister Bahk Jae-wan expressed his views on the significance of the new developments. "These agreements reflect Korea's growing stature on the international stage and are a testament to our remarkable partnership with the World Bank," Bahk said.