Bang Gi-seon, Deputy Minister of Economy and Finance, "We Must Strengthen Smart Infrastructure Cooperation in the Asia-Pacific Region"

Ministry of Economy and Finance to Host 'Project Plaza' at the 56th ADB Annual Meeting on the 3rd

Bang Gi-seon, Vice Minister of the Ministry of Economy and Finance, emphasized on the 3rd at the 'Project Plaza' event held during the ADB Annual Meeting that "we must strengthen smart infrastructure cooperation in the Asia-Pacific region."

According to the Ministry of Economy and Finance on the 3rd, Vice Minister Bang made these remarks in the opening address of the 'Project Plaza,' co-hosted with the Ministry of Trade, Industry and Energy, Korea Trade-Investment Promotion Agency (KOTRA), and the Export-Import Bank of Korea during the 56th ADB Annual Meeting.

Vice Minister Bang stated, "ADB is expanding smart infrastructure projects while also increasing cooperation to secure necessary funding," adding, "Korea, with its excellent technologies such as smart cities and future mobility, will strengthen regional infrastructure cooperation." He further added, "We will expand Official Development Assistance (ODA) to rank among the top 10 globally and increase contributions to the ADB Asia-Pacific Project Preparation Facility (AP3F, a multilateral fund within ADB)." Korea has confirmed a contribution of 5 million dollars (approximately 6.7 billion KRW) over five years in conjunction with this ADB Annual Meeting.

He also emphasized the need for cooperation in the Asia-Pacific region to respond to climate change. He said, "The Asia-Pacific region is the most vulnerable to climate change but also the largest emitter of greenhouse gases," and added, "ADB plans to expand climate-related financing to 100 billion dollars (approximately 134 trillion KRW) by 2023 through 2030," and "Korea will also increase the proportion of green ODA."

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