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World Bank Group Korea Office Celebrates 1st Anniversary with Reception

December 12, 2014


December 12, 2014, Songdo - The World Bank Group Korea Office celebrated its 1st year anniversary with a reception on December 4, 2014. The reception took place in the Korea Office located in Songdo and brought together over fifty guests representing government agencies, international organizations and private sector entities.

Joyce Msuya, Special Representative of the Korea Office opened the reception noting that the establishment of the World Bank Korea Office including its first anniversary is a result of strong support and commitment from partners, in particular the Government of Korea and Incheon Free Economic Zone Authority. “The Korea Team wishes to thank our partners for their support and dedication over the last year,” she said.

Bert Hofman, World Bank Country Director for China, Mongolia, and Korea, spoke to the crowd and reflected on the partnership between Korea and the World Bank Group. “Korea became a member of the WBG almost 60 years ago and today Korea and the World Bank Group have a multifaceted and growing partnership which will deepen through the Korea Office,” he said. “Korea Office will help developing countries in the fields of economic development where Korea has abundant expertise and experience.”

Bert Hofman also highlighted the Korea Office’s contribution to strengthening the ties of IFC and MIGA with the private sector, noting that IFC has tripled its deal flow with Korean companies and MIGA has been working on three deals since the opening of the office.

In his congratulatory remarks, Changgi Kang, on behalf of the Ministry of Strategy and Finance, wished that the Korea Office would become a best practice example to other donor country offices and looked forward to its strengthened partnership with the finance ministry in the future.

Kim Jong-tae, Director of the Incheon Free Economic Zone (IFEZ) Authority commented that the Korea Office has strengthened the status of Songdo as a global administration hub and pledged IFEZ’s continued support to the office.

Kilaparti Ramakrishna, the head of the UNESCAP for East and Northeast Asia, and Javier Manzanares, Chief Financial Officer of the Green Climate Fund praised the role the Korea Office has played in raising the visibility of cooperation among relevant international organizations located in Songdo.

Korea is an exceptional example of an aid recipient-turned-donor, and the World Bank Group Korea Office was established to 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.