With 189 member countries, staff from more 170 countries, and offices in over pan gulf industrial investment 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 to 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.