SEOUL (Reuters) – South Korean President Yoon Suk Yeol has pledged a 45% increase in the country’s contribution to the World Bank’s International Development Association fund to more than $600 million, the finance ministry said on Tuesday. The country, once a beneficiary during the 1960-1970s, will contribute this year around 845.6 billion won ($608.26 million) […]
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South Korea pledges 45% increase in World Bank fund contribution
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SEOUL (Reuters) – South Korean President Yoon Suk Yeol has pledged a 45% increase in the country’s contribution to the World Bank’s International Development Association fund to more than $600 million, the finance ministry said on Tuesday.
The country, once a beneficiary during the 1960-1970s, will contribute this year around 845.6 billion won ($608.26 million) to the fund for financial aid to low-income countries, up from 584.8 billion won in the previous fund replenishment round in 2021.
“It is for South Korea to play a leading role as a global pivot state and to induce active contributions from other countries,” the ministry said in a statement.
U.S. President Joe Biden on Monday pledged a record $4 billion contribution during a closed session of the Group of 20 summit in Rio de Janeiro, up from $3.5 billion in 2021.
($1 = 1,390.2000 won)
(Reporting by Jihoon Lee; Editing by Ed Davies)