South Korea pledges 45% increase in World Bank fund contribution
Tweet
Share
E-mail
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, November 18, 2024. REUTERS/Leah Millis
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)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Charter plane carrying 8 crashes near remote site in western Alaska, AP reports
- Dollar wobbles as investors balk at US Treasury's rescue efforts
- Bank of Korea deputy chief says monetary policy to be made 'very carefully'
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
