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Korea to bolster developing nations support with World Bank

Published: 27 May. 2025, 18:59

Ministry of Economy and Finance [YONHAP]

Korea will work to strengthen cooperation with the World Bank as part of efforts to help developing nations advance their agriculture and food technologies, Seoul's Ministry of Economy and Finance said Tuesday.

The Finance Ministry held an annual meeting with officials from the World Bank in the southeastern port city of Busan to evaluate their collaboration projects under the Korea-World Bank Group Partnership Facility (KWPF) and discuss bilateral cooperation in future development assistance programs, according to ministry officials.

The KWPF is the biggest trust fund created by Korea within the World Bank to provide assistance to developing countries in various sectors, from digital, health, agriculture and energy to job creation and innovation.

Since its establishment in 2013, the KWPF has provided a combined $46.8 billion in support to 99 nations.

At this year's meeting, the Finance Ministry and the World Bank assessed their joint projects aimed at transferring Korea's technologies in digital and eco-friendly agriculture sectors to Tanzania, Kenya and five other countries, and discussed ways to expand their partnership.

Yonhap