The Korea-World Bank Partnership Facility (KWPF) is a sustained partnership and collaborative development effort between the Government of Korea and the World Bank. The Program; established in 2013 by the Ministry of Economy and Finance (MoEF) of the Republic of Korea; is a key instrument for enhancing the impact and effectiveness of Korea’s Official Development Assistance (ODA). The KWPF is administered by the Trust Funds and Partner Relations Department (DFTPR) of the Development Finance Vice Presidency of the World Bank (DFiVP). Korea’s Ministry of Economy and Finance (MoEF): The Ministry is committed to developing a strong economy and building engines through the concerted efforts of its offices and bureaus. The ministry works to ensure macroeconomic and financial stability; effective policy coordination; efficient allocation of national resources; fiscal soundness; rational taxi policies; and robust international cooperation. The Development Finance Division at MoEF is the key counterpart for the KWPF program. The KWPF Program Management Team (PMT): Housed within the Trust Funds and Partner Relations department (DFTPR) unit of the Development Finance Vice Presidency (DFi) at the World Bank; the KWPF PMT is responsible for the day-to-day administration and management of the KWPF. The PMT organizes Annual Consultations with MoEF to discuss the strategic objectives; design and operation of the program; agree upon the thematic and regional priorities for each of the calls for proposals; and the overall supervision review the overall implementation progress of the program. As the largest Trust Fund among all MDBs; KWPF is central to the partnership between Korea and the World Bank; combining thought leadership and financing to benefit middle- and low-income countries. KWPF leverages opportunities for mutual learning; knowledge sharing; and expertise exchange by supporting countries seeking to adapt Korea’s development experience and technical know-how to achieve their development goals. The Trust Fund supports World Bank operations and partnerships that are results-oriented; demand-driven; and closely aligned with the World Bank’s mission and lending operations. Knowledge exchange and technical assistance to leverage Korea’s experience is an important objective that the Trust Fund supports. Since its establishment; KWPF has mobilized financing of over US$488 million throughout its funding pillars with a total of 208 grants. The KWPF PMT has also developed a robust network of Korean partners and will be updating the FY23 Knowledge Partner Directory in FY25. The allocation of KWPF funding is organized through three pillars. * Pillar 1: Financing for Global and Regional Programs supplements other World Bank Trust Fund programs that support various development activities. Funded activities are identified through close consultation between the Korean government and relevant Bank units. The MoEF assigns funding to selected global and regional programs administered by the Bank and advises DFi on the trust fund programs that MoEF and other Bank units have agreed to support. The donor then signs Administration Agreements with relevant Bank units or joins Administration Agreements already in place for existing trust fund programs. DFi; as Trustee; transfers the agreed level of funding to the selected trust fund accounts of global and regional programs. Through this pillar Korea has contributed $155 million to 21 World Bank programs * Pillar 2: Co-financing of Lending Operations and Projects supports Korea funded co-financing and project preparation to complement the World Bank’s operational work. Between the KWPF’s establishment in FY2013 and FY2025; the KWPF approved $73.6 million in funding for 62 Pillar 2 grants across eleven sectors in six regions. * Pillar 3: Generation and Transfer of Development Knowledge; and Technical Assistance Activities facilitates the creation and sharing of development knowledge by leveraging Korea’s experience along with the World Bank’s convening power and expertise. Between the KWPF’s establishment in FY2013 and FY2025; the KWPF approved $108.2 million in funding for 143 pillar 3 grants across eight sectors. Out of the pillar 3 grants; 38 were global grants across four sectors; with the total approved funding in the amount of $27.3 million. Within Pillar 2 and 3; there are a total of 63 active and pipeline grants within 33 countries with a total approved grant amount of US$76.4 million. The MoEF is considering replenishment of KWPF in 2026. The analysis; findings and lessons from this evaluation will help assess KWPF’s delivery model and results achieved from its operations; inform options for strengthening the Program; and develop new or alternative modalities to the KWPF. These findings will provide valuable input for Korea’s MoEF in consideration for the replenishment of the KWPF in FY26. The main objectives of this evaluation will be to: * Assess