The World Bank will open a consultation center in Seoul as part of their efforts to provide advice on finance to developing countries in the East Asia and Pacific region, the Finance Ministry said Tuesday.

The agreement was reached under a memorandum of understanding signed between Choi Jong-ku, a deputy finance minister, and James Adams, World Bank vice president for East Asia and Pacific, according to the ministry.

Though a detailed timeline was not unveiled, the ministry expected that the “offline” center will start operation two years from now. Until that time, World Bank officials in Washington will run its “cyber” operation, it added.

The Seoul government will help organize joint projects between the lender and other domestic think tanks, experts and related institutions. It also plans to contribute $16 million over five years.

The center is designed to provide advice to regional developing countries on diverse financial issues such as how to avoid financial crisis and nurture their own capital markets, the ministry said.

“This is the first time that such a regional center of an international financial organization opens its door in South Korea,” a ministry official said. “It is meaningful that we now can provide our development-related knowhow through the center to other developing countries in the East Asia and Pacific region.” 

(Yonhap News)