Korea Pledges 845.6 Billion Won Contribution at IDA Resource Replenishment Meeting

South Korea announced on the 6th that it has pledged a contribution of 845.6 billion KRW (620 million USD) at the 21st replenishment final meeting of the World Bank (WB) and the International Development Association (IDA).

This reconfirms the promise made at the G20 summit held in Brazil last November to increase IDA contributions by 45%. Major countries such as the United States (4 billion USD, +14%), Japan (2.77 billion USD, +13%), the United Kingdom (2.52 billion USD, +40%), China (1.5 billion USD, +27%), Canada (1.2 billion USD, +10%), and Italy (790 million USD, +24%) also joined in expanding their IDA contributions. The International Development Association (IDA) is a World Bank (WB) institution that primarily provides long-term, low-interest concessional loans or grants to low-income countries.

About 300 people attended the IDA meetings held on the 5th and 6th, including Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, First Vice Minister of Economy and Finance Kim Beom-seok, WB Chief Secretary Axel van Trotsenburg, and Secretary-General Anna Bjerde.

In his closing remarks on the 6th, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok said, “The successful conclusion of the 21st IDA replenishment has become an opportunity to reaffirm the united will of the international community to overcome global crises.” He also emphasized, “South Korea will join in achieving IDA’s goal of ‘eradicating poverty on a livable planet’ by sharing its unique development experience and knowledge.”

The Ministry of Economy and Finance evaluated, “This meeting served as an opportunity to imprint South Korea’s status in the international community, having developed from one of the poorest countries receiving IDA support to a major donor country.” According to the ministry, many countries attending the meeting regarded South Korea’s development experience as a practical demonstration of efforts toward a better future and requested the dissemination of South Korea’s development experience and knowledge.