World Bank Group : Partners with Korean Private Businesses to Invest in Emerging Markets
10/16/2012| 03:44am US/Eastern
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Seoul, October 16, 2012-In partnership with KoFC (Korea
Finance Corporation), IFC and MIGA today hosted the
Korea-World Bank Group Private Sector Seminar in Seoul to
discuss opportunities to strengthen their partnership when
making sustainable and profitable private sector investments
in emerging markets. The forum discussed ways of bringing
innovative private sector solutions, including financing,
guarantees, and knowledge transfer, to more developing
countries around the world. It marks a milestone in the
partnership between the World Bank Group and South Korea.
"I'm proud to say that the World Bank Group has
played a small but not inconsequential role in South
Korea's success," World Bank Group President Jim
Yong Kim told around 300 private sector executives,
government officials, and academics. "As we will now
open an office in Seoul, we want to strengthen our
collaboration with Korean businesses, investors, and
entrepreneurs to identify promising opportunities in
developing economies, ones that will contribute to ending
poverty and creating shared prosperity."
South Korea joined the World Bank in 1955 and the World Bank
Group extended its first funds to South Korea in 1962 when it
was still a developing country. Today, South Korea is member
of the Organization for Economic Co-operation and
Development, whose members include some of the most developed
economies around the world.
"We are committed to partnering with the World Bank
Group, and in particular IFC and MIGA, to support more and
more investments by Korean companies as they continue to
enter new markets, including those where Korean companies may
be less familiar, such as Africa," said Young-wook Chin,
President and CEO of Korea Finance Corporation.
"Sustainable investments in emerging markets will
benefit our economy by promoting innovation and regional
collaboration."
Since its first investment in South Korea in 1968, IFC, the
largest global development institution focused exclusively on
the private sector, has invested and mobilized close to $1
billion in support of 44 Korean companies. IFC also played an
active role in helping the country weather the 1997 Asian
financial crisis. Today, IFC and MIGA are South Korea's
partners in providing financing, advice and political risk
mitigation solutions to the private sector in a number of
developing countries including Haiti, Pakistan, Nepal, Laos,
Kazakhstan, Indonesia, and Uzbekistan.
KoFC, since its establishment in October 2009, has been
providing financial assistance to diverse domestic sectors
that are important to Korea's economic growth. KoFC's
financing also includes facilitating large-scale projects
carried out by Korean companies around the globe, including
in developing countries. KoFC's partnership with IFC has
grown through a variety of channels including a Memorandum of
Understanding in 2011.
MIGA Executive Vice President Izumi Kobayashi and IFC Asia
Pacific Vice President Karin Finkelston joined Dr. Kim at the
seminar and introduced the two multilaterals' experience
in emerging markets. KoFC President & CEO Young-wook Chin and
Executive Vice President Bong Sik Choi also took part and
discussed ways for financial institutions to support
developing country investments and introduced KoFC's plan
to financially support Korea's overseas projects.
About IFC
IFC, a member of the World Bank Group, is the largest global
development institution focused exclusively on the private
sector. We help developing countries achieve sustainable
growth by financing investment, mobilizing capital in
international financial markets, and providing advisory
services to businesses and governments. In FY12, our
investments reached an all-time high of more than $20
billion, leveraging the power of the private sector to create
jobs, spark innovation, and tackle the world's most
pressing development challenges. For more information, visit
www.ifc.org.
About KoFC
Established according to the Korea Finance Corporation Act in
2009, KoFC is Korea's key policy-based financial
institution.The Korean government contributed 100% of
KoFC's paid-in capital. KoFC's role for the
country's economic growth is diverse which includes
supporting SMEs, facilitating regional development and SOC
projects, promoting new growth engine industries, enhancing
financial market stability, and fostering a sustainable
growth. KoFC contributes to strengthening Korea's
competitiveness, job creation by maximizing growth potential,
and a sound growth of the country's national economy. For
more information, visit www.kofc.or.kr.
About MIGA
MIGA was created in 1988 as a member of the World Bank Group
to promote foreign direct investment into emerging economies
to support economic growth, reduce poverty, and improve
people's lives. MIGA fulfills this mandate by offering
political risk insurance (guarantees) to investors and
lenders, covering risks including expropriation, breach of
contract, currency transfer restriction, war and civil
disturbance, and non-honoring of sovereign financial
obligations. For more information, visit www.miga.org.
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