The World Bank and the Korean government agreed to move ahead with the plan to establish World Bank offices in Korea by the end of this year.
Jim Yong Kim, president of the World Bank, and Hyun Oh-seok, Korea’s deputy prime minister and finance minister, met on the sidelines of the annual meeting of the International Monetary Fund and World Bank in Washington DC on October 10 (local time) and agreed to establish a head office in the Incheon Free Economic Zone in Songdo and a liaison office in Seoul.
Previously in October last year, the World Bank and the Korean government had announced a plan to establish a World Bank office in Korea.
The World Bank will map out a schedule for opening the office after Korea’s National Assembly approves of granting tax benefits.
“South Korea’s experience in sustainable development and its transition to a dynamic knowledge economy provides lessons that can benefit many other developing countries,” said Kim, president of the World Bank.
Responding to Kim’s statement, Deputy Prime Minister Hyun said, “The World Bank Korea Office will enhance our partnership enormously. Through its remarkable economic transformation, Korea understands the policy challenges that developing countries face. With our expanded engagement in the World Bank Group’s new offices in Korea, we stand ready to share the knowledge and know-how we have gained over the past decades to guide others.”
Incheon city plans to provide every necessary support for the office to open in time for the opening of the Secretariat of the Green Climate Fund on December 4.
Songdo of Incheon city, which succeeded in bringing in the secretariat of the Green Climate Fund last year, is placing the foundation to become an international financial city with the attraction of the main office of the World Bank.