South Korea pledges 45% increase in World Bank fund contribution
G20 members, including South Korean President Yoon Suk-yeol leave after taking the group photo during the G20 summit at the Museum of Modern Art in Rio de Janeiro, Brazil, on Nov 18, 2024. (Photo: REUTERS/Leah Millis)
SEOUL: South Korean President Yoon Suk Yeol has pledged a 45 per cent increase in the country's contribution to the World Bank's International Development Association fund to more than US$600 million, the finance ministry said on Tuesday (Nov 19).
The country, once a beneficiary during the 1960-1970s, will contribute this year around 845.6 billion won (US$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.
US President Joe Biden on Monday pledged a record US$4 billion contribution during a closed session of the Group of 20 summit in Rio de Janeiro, up from US$3.5 billion in 2021.
