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Korea invests US$90m more in World Bank fund

[THE INVESTOR] South Korea has agreed to invest an additional US$90 million in a trust fund in the World Bank Group for the next three years, the Finance Ministry here said on Oct. 7.

“The funding will strengthen partnership between South Korea and the World Bank and boost the country‘s status there,” South Korea’s Finance Minister Yoo Il-ho said at a signing ceremony in Washington on Oct. 6 (local time), which was also attended by World Bank President Jim Yong Kim.

Yoo is on his US trip to attend the conferences of the World Bank and the International Monetary Fund, as well the G-20 Finance Ministers and Central Bank Governors meetings.

South Korea has contributed $30 billion every year to the Korea-World Bank fund since 2013, a fund that is aimed at supporting economic development and transferring knowledge and experience to low-income countries.

Yoo and the World Bank president also reached an agreement to increase South Korea’s financial contribution to the International Development Association which offers low-interest rate loans to the world’s poorest countries.

(theinvestor@heraldcorp.com)

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