Korea, World Bank to Expand Development Finance and Digital Cooperation for Future Challenges – World Bank Development Committee Meeting, 2024 IMF-World Bank Annual Meetings (Washington, D.C., October 25 2024) [WB Development Committee Meeting] The Committee is designed to discuss the WB’s development agenda, composed of representatives from 25 member countries. The World Bank has presented measures aimed at pivoting itself into “A Future-Ready World Bank Group” capable of addressing future challenges such as AI, climate change, and demographic shifts at the Meeting. Deputy Prime Minister Choi Sang-mok suggested the World Bank's role in transforming itself into an institution well-prepared for future challenges 1) Promoting private sector-led investment in developing countries - DPM Choi shared Korea’s investment plans for developing countries via K-Finance Package* and various other financial resources *The Package is designed to assist large-scale projects in developing countries by combining multiple development cooperation instruments, including Knowledge Sharing Program (KSP), Economic Innovation Partnership Program (EIPP), supply chain funds, Economic Development Cooperation Fund (EDCF), and export financing. 2) Providing focused support for digital technology adoption to overcome the middle-income trap and drive innovation - Welcoming the establishment of the Digital Vice Presidency in the WB, DPM Choi proposed sharing Korea’s advanced digital technologies and experiences with developing nations in collaboration with the WB 3) Strengthening resource mobilization through the 21st replenishment of the resources of the International Development Association (IDA*) - DPM Choi called for member states’ collaborative efforts for the successful hosting of the final IDA21 replenishment meeting to be held in Korea in December 2025 *IDA provides long-term, concessional financing to low-income countries to promote economic development. It conducts regular replenishments every three years to secure contributions, with the IDA21 period spanning from July 2025 to June 2028 [Bilateral talks on the sidelines of the WB Development Committee Meeting] ㅇ Talks with Ajay Banga, World Bank President The two sides agreed to actively collaborate for the successful hosting of the final IDA21 replenishment meeting, the WB’s most important agenda of the year. They also discussed enhancing digital partnership through the WB Korea office and trust funds. ㅇ Talks with Marie Diron, Global Head of Moody's Sovereign and Sub-Sovereign Risk Group The two sides exchanged views on the current status of the Korean economy and government’s policy efforts to raise the country’s potential growth rate through the dynamic economy initiative and structural reforms. ㅇ Talks with Ali bin Ahmed AI Kuwari, Finance Minister of Qatar The two ministers discussed measures to further promote economic cooperation between Korea and Qatar in the areas such as investment, AI, data, agricultural technology, energy, and port and airport facilities. ㅇ Talks with Isabelle Delorme, Euroclear's Head of Strategy and Product Expansion for Issuers, Fund Managers and Sustainable Finance The two sides discussed final preparations and upcoming plans to assure a smooth entry of funds following Korea’s expected inclusion in FTSE Russell’s WGBI in the latter half of next year.