South Korea will seek to expand the scope of projects backed by its joint fund with the World Bank to cover digital technologies and emerging sectors, the vice finance minister said Tuesday.
The announcement came to mark the 10th anniversary of the launch of the Korea-World Bank Group Partnership Facility (KWPF), which was launched in 2013 to share its experiences with other developing nations.
"Now that KWPF has been in operation for 10 years, we should work to further strengthen the partnership between Korea and the World Bank to bring greater impact and achievements through the facility," First Vice Finance Minister Bang Ki-sun said during a ceremony.
Asia's No. 4 economy has so far committed US$460 million to the fund, which has supported 76 projects across the globe. For example, South Korea has been working with developing nations such as Indonesia and Bangladesh to prepare projects to develop smart cities.
"Over the past decade, KWPF has contributed greatly to many areas of development, including agriculture, education, transportation, jobs, and local administrative capacity," Bang said.
"However, Korea has a comparative advantage in digital technology, including ICT and data, and has a huge interest in promising areas such as the green sector," he added, noting these areas should also be promoted down the road.
Source: Yonhap News Agency