Bang Gi-seon, 1st Vice Minister of the Ministry of Economy and Finance, "International Organization Cooperation Must Increase to Support Developing Countries"

10th Anniversary Event of the Korea-World Bank Group Partnership Fund (KWPF)

Bang Gi-seon, Vice Minister of the Ministry of Economy and Finance, emphasized the need for additional cooperation with other international organizations to expand the achievements of tailored knowledge cooperation projects for developing countries at the '10th Anniversary Event of the Korea-World Bank Group Partnership Fund (KWPF)'.

In his opening remarks on the 25th, Bang Gi-seon, First Vice Minister of the Ministry of Economy and Finance, stated, "To expand the achievements of KWPF, we must pursue additional cooperation with other international organizations and public institutions." He added, "For example, if projects identified through KWPF collaborate not only with the World Bank but also with domestic climate technology companies, institutions, and the World Bank, working together with the Green Climate Fund (GCF) or the Economic Development Cooperation Fund (EDCF), synergy effects are expected in terms of enhancing expertise."

He also emphasized cooperation with the private sector. Vice Minister Bang said, "Given the increasing development demands due to recent climate change and the pandemic, it is difficult to meet all these demands solely with the scale of public development finance supply, making the mobilization of private development finance a key task." He added, "The knowledge cooperation projects of KWPF should be considered for future follow-up projects that utilize not only the International Finance Corporation (IFC) or the Multilateral Investment Guarantee Agency (MIGA) within the World Bank Group but also other private financial resources."

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