President Yoon Meets World Bank President: "Will Significantly Expand ODA Scale"

WB President's Visit to Korea After 5 and a Half Years
President Bangga "Positive Evaluation of ODA Expansion"

[Image source=Yonhap News]

President Yoon Suk-yeol met with Ajay Banga, President of the World Bank (WB), at the Yongsan Presidential Office building in Seoul on the morning of the 24th.

At the meeting, President Yoon stated, "We will significantly expand the scale of Official Development Assistance (ODA) so that Korea can contribute to the international community and fulfill its role as a global pivotal country."

This visit marks the first time in five and a half years that a World Bank President has visited Korea. Since taking office in June last year, President Banga has visited various member countries, and this year, he visited Japan first before coming to Korea.

President Yoon greeted President Banga, saying, "It is a pleasure to meet you again after the G20 Summit in New Delhi, India, last September," and welcomed President Banga and the World Bank delegation who had traveled a long journey including attending the World Economic Forum and visiting Japan.

During the meeting, President Banga highly praised the Korean government's mental health policy efforts and mentioned that since their meeting at the G20 Summit, the World Bank has been cooperating with Korea’s Ministry of Health and Welfare to analyze the economic effects of promoting mental health.

President Yoon agreed with President Banga’s remark that support for mental health and overall health is not a ‘cost’ but an ‘investment’ in human capital, expressing hope for continued cooperation with the World Bank in the future.

[Image source=Yonhap News]

The President then referred to his experience attending an international anti-corruption conference during his time as a prosecutor, emphasizing, "To eradicate corruption and enable fair competition led by the private sector, it is important to establish a free market economy." He added, "I hope the World Bank will widely promote this point in the international community and lead discussions," and said, "Korea will actively cooperate."

President Banga praised President Yoon’s ODA expansion policy direction as "excellent," stating, "Korea is a model case that has risen from a low-income country receiving aid to a high-income country providing aid within one generation, and Korea’s development experience will be of practical help to developing countries."

President Banga mentioned, "Through the use of digital technology, small businesses can create more opportunities democratically beyond the vested interests of existing companies." He also expressed expectations that "in the upcoming 6G era, Korea, as a digital leader, will establish global digital standards and serve as a bridge among various countries’ digital standards," proposing that "the World Bank and the Korean government strengthen cooperation in digital-related fields."

President Yoon requested President Banga’s attention to ensure that Korean companies and talents can actively participate in the World Bank’s various activities. President Banga responded, "We look forward to the participation of Korean construction, infrastructure, and digital companies in the Ukraine reconstruction projects," and said, "We will continue to strengthen cooperation so that the World Bank and Korea can achieve a win-win relationship."