World Bank Group Opens New Office In Songdo, Korea

Deputy Prime Minister HYUN: Opening  Reflects ‘Our  Remarkable  Partnership’ With The World Bank Group

Seoul, December 4, 2013 --The Government of the Republic of Korea and the World Bank Group marked a major milestone in their longstanding partnership, with the opening of a World Bank Group office in Songdo, Incheon Metropolitan City, paving the way for greater collaboration on the development agenda.

World Bank Group President Jim Yong Kim visited Korea and held a special opening ceremony of the Korea Office on December 4^th, attended by Korea’s Deputy Prime Minister and Minister of Strategy and Finance Oh-Seok Hyun and Incheon Metropolitan City’s Mayor Young-gil Song.

“The new World Bank Group office reflects Korea's growing stature on the international stage, and it is a testament to our remarkable partnership. 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. These activities will lay the groundwork for the Office to become a knowledge-hub for economic development in the East Asian region,” said Deputy Prime Minister Oh-Seok Hyun.

“Korea is a great development success story which many developing countries look to as an inspiration. The new office is remarkable, set in one of the best models of a smart green city in the world. We will bring together the public and private sector sides of our operation, to enhance our collaboration to end extreme poverty and build shared prosperity,” said World Bank Group President Jim Yong Kim.

The new office, made possible by the support of the Government of Korea and Incheon City, will enable knowledge sharing of Korea's experience in economic growth strategies and provision of equitable social service, which is an excellent model for many developing countries. Areas for future cooperation include joint work on regional financial sector projects as well as training programs for bank and financial regulators in Asia.