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World Bank opens new office in Incheon, S. Korea

2013-12-04 13:53:47Source:XinhuaAuthor:

The World Bank on Wednesday opened its new office in South Korea, intending to step up joint efforts to find development solutions for developing countries.

The World Bank sites its new office in Songdo International Business District in Incheon, a city west of the South Korea's capital Seoul, which marks the first international financial institution to establish a branch in South Korea.

According to the statement from the World Bank, the new office will focus on infrastructure, information communications technology, the financial sector and knowledge sharing.

World Bank Group President Jim Yong Kim said at the opening ceremony of the office that he was pleased with South Korea's increased overseas development assistance over the past years in fulfilling the WB's goals -- ending poverty and sharing economic prosperity around the world.

The South Korean-born World Bank president added that South Korea should share its development success and expertise in managing the 1997 Asian financial crisis and the recent 2008 global financial crisis with other developing countries in the world.

"As a country that moved successfully from aid recipient to a donor, Korea understands the difficulties that developing countries face, and we stand ready to share the knowledge and know- how gained over the course of development," said Hyun Oh-seok, South Korea's deputy prime minister.

The new South Korea-World Bank Partnership Facility also will provide 90 million U.S. dollars over three years to finance global and regional projects to support economic development and co- financing investments at the country level, according to the World Bank.