With 189 member countries, staff from more 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges investment in r&d by country help the world’s poorest people and ensure that everyone sees benefits from economic growth.
Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Korea has experienced remarkable success in combining rapid economic growth with significant reductions in poverty. Government of Korea policies resulted in real GDP growth averaging 10 percent annually between 1962 and 1994. This spectacular performance was fueled by annual export growth of 20 percent in real terms, while savings and investment rose sharply above 30 percent of GDP. The Government of Korea began contributing to IDA in 1977. And as Korea positioned itself for an enhanced international role, the Government increased its contributions to IDA, entered into a co-financing framework agreement with the Bank, and created a number of trust funds. Korea joined the DAC in November 2009.
Korea also took the chairmanship of the G-20 summit in 2010. Korea’s experience in sustainable development, providing infrastructure and better services to improve the lives of the people, and its transition to a dynamic knowledge economy, provides lessons that can benefit many other developing countries. Each member country is represented within the World Bank Group by a governor, who is generally the finance minister or the minister of development of the country concerned, and whose powers extend in particular to authorizing capital increases, approving financial statements, accepting or electing to suspend new members at the annual meetings. The governor for Korea is Hon. Mongolia, New Zealand, Palau, Papua New Guinea, Samoa, Solomon Islands, Tuvalu and Vanuatu.
For the latest voting status, please visit the Voting Powers page. Bank’s arm to assist the poorest countries, in 1961. 17 million to expand and improve the Korean National Railroad. By 1973, Korea’s economy had progressed sufficiently to require no further IDA assistance. The Bank then supported Korea through low interest loans, policy advice and technical assistance from IBRD, the International Bank for Reconstruction and Development. The Bank’s work in Korea evolved to match the country’s changing needs.
In the early years, the Bank focused on lending for agriculture, irrigation, rural development, small and medium industry, transportation such as roads, ports, and railways, regional and urban development, and education. Investment in agriculture increased substantially in the 1970s, and then declined in the 1980s as the economy shifted to a greater emphasis on industrial development. Later, social infrastructure such as urban water supply, sanitation, sewerage, and environment became a high priority as the country’s industrial sector and energy and transportation infrastructures became more developed. During this period, heavy emphasis was placed on achieving greater social equity through a fair distribution of income and wealth. Currently, the World Bank Group has a series of partnerships and joint projects with Korean partners designed to enhance financial sector management, promote investment in green infrastructure and renewable energy, share know-how in information communications technology and knowledge sharing, as well as assist fragile and conflict-affected states. 90 million over three years to finance global and regional projects to support economic development and co-financing investments at the country level. The emphasis is on generating and transferring development best practices, with low and lower middle income countries eligible for funding under the new facility.
The World Bank Group will open a new main office and a liaison office in Korea in December, 2013. The new offices will support a broad range of development partnership opportunities with a focus on promoting best practices, by leveraging the Bank Group’s knowledge and convening power and Korea’s expertise in areas such as economic development policy, information communications technology, infrastructure and the financial sector. The World Bank Group, All Rights Reserved. What is the European Fund for Strategic Investments?
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