Finance Minister Choo Kyung-ho Meets WB President, Announces Increase of Korea's Green Fund to $80 Million

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, attending the International Monetary Fund (IMF) and World Bank (WB) Annual Meetings, is meeting with Ajay Banga, President of the World Bank (WB), on the 11th (local time) at the plenary hall in Marrakech, Morocco. Photo by Ministry of Economy and Finance

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho met with Ajay Banga, President of the World Bank (WB), on the 11th (local time) to discuss ways to strengthen cooperation with South Korea.

Attending the International Monetary Fund (IMF) and World Bank (WB) Annual Meetings held in Marrakech, Morocco, Deputy Prime Minister Choo emphasized during his meeting with President Banga that South Korea increased its Green Growth Fund contribution from $50 million during 2020?2023 to $80 million for 2024?2027. He also urged for closer cooperation between South Korea and the World Bank in the reconstruction process of Ukraine.

The meeting between Deputy Prime Minister Choo and President Banga was their third encounter following the G20 Finance Ministers’ Meeting in July and the G20 Summit last month. President Banga reportedly stated, “Korean companies and personnel, who have overcome difficult post-war periods and possess abundant development experience and knowledge, will be of great help in Ukraine’s reconstruction.”

At the Ukraine support meeting held on the same day, Deputy Prime Minister Choo delivered a keynote speech outlining South Korea’s commitment to support and future plans. He announced South Korea’s plan to contribute $50 million to the World Bank’s Ukraine Support and Recovery Trust Fund (SPUR) and expressed willingness to participate in the Ukraine Multilateral Donor Coordination Platform. He particularly pointed out that for Ukraine, which aims for national reconstruction, not only financial support but also the role of knowledge and technology is crucial.

Immediately after the meeting, Deputy Prime Minister Choo held talks with Serhiy Marchenko, Ukraine’s Minister of Finance. Choo requested the swift conclusion of the Economic Development Cooperation Fund (EDCF) basic agreement as a follow-up measure to the $2.3 billion support package. He added that combining South Korea’s experience, knowledge, and technology with the determination of the Ukrainian people toward reconstruction can achieve great results.