Likely to Be Located in Songdo, Incheon City, Korea

Songdo International Business District is projected to accommodate a new regional World Bank office in Korea, after having success in attracting the Secretariat of the Green Climate Fund (GCF).

According to the Ministry of Strategy and Finance on October 6, the government is proceeding with a plan to set up a Korean office with the World Bank Group. It was reported that the office is expected to be located in the Songdo International Business District in Incheon City. 

The proposed plan is scheduled to be introduced for discussion in a Cabinet meeting on October 8 at the earliest. If it is approved, it will require parliamentary approval and related agreements prior to its finalization. The World Bank office could move in as early as the end of 2013. 

At first, the global financial institution desired to move to Seoul, but the government actively supported Songdo. Incheon City also offered a free lease of one floor on the building in which GCF’s secretariat will be situated. On top of that, the City suggested that it will bear the expenses for interior decoration and equipment installation, along with electricity and water bills. 

The World Bank’s Korean office will focus on passing on Korean expertise in economic development to developing countries.