South Korea will provide over $5 million through the World Bank to assist emerging economies amid the COVID-19 pandemic, the Ministry of Economy and Finance said Friday.
“We will deliver $5.15 million, which is around 6 billion won, to six emerging economies to help them deal with COVID-19 and (to pursue) digital and green (development) projects,” the ministry said in a release.
“This latest approval for official development assistance will enhance international cooperation in green and digital growth sectors, and also bring out Korea’s role in the global community.”
The amount will be executed through the country’s two trust funds operated by the World Bank Group -- the Korea-World Bank Partnership Facility and the Korea-IFC Partnership Program.
Through the Korea-World Bank Partnership Facility, Asia’s fourth-largest economy will provide agricultural technology consulting to Uganda and establish a digital education platform in Kyrgyzstan. The other funds will be used to provide renewable energy consulting to Vietnam and Cambodia, share digital solutions for epidemic control with Colombia and assist local textile manufacturers in Haiti to produce high-tech personal protective equipment.
“Emerging economies are increasingly moving beyond conventional ODA projects to take interest in ICT-based digital and green technologies,” said Soh Hoon Sahib, special representative of the World Bank Group Korea office.
“The Korean government’s move to share its innovative technology will greatly help emerging nations achieve sustainable growth.”
The World Bank Group, a multilateral financial body headquartered in Washington, consists of five organizations -- the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes. Together, the International Bank for Reconstruction and Development and the International Development Association constitute the World Bank.
By Bae Hyun-jung (firstname.lastname@example.org)