The Republic of Korea and IFC
A Decade of Innovation and Partnership
Against the backdrop of ongoing global challenges— including economic headwinds, and disruptions due to COVID-19, climate, and conflict — the role of partnership in promoting sustainable private sector development in emerging markets is more critical than ever.
As we mark the 10-year anniversary of the re-establishment of the IFC Korea office, I would like to congratulate the country team and thank all our Korean partners and the Ministry of Economy and Finance for a decade of partnership and innovation. The Republic of Korea’s relationship with IFC has grown over the last 50 years from a recipient country to a key partner in cross-border investments and a significant source of mobilization.
Since 1985, IFC has provided financing to over 140 Korean projects around the world, and over 40% of IFC’s Korea-outbound co-investments with Korean corporates were committed since IFC re-established its office in Korea. Over the past decade, IFC has provided more than $7 billion in financing for projects involving Korean companies and banks acting as sponsors and partners.
This is a testament to the importance and impact an in-country presence can deliver. I applaud the systematic engagement, business development, and relationship management provided by the IFC Korea office. For over 60 years, IFC’s engagement has been guided by three strategies: IFC 1.0 which emphasized attracting Foreign Direct Investment; IFC 2.0, investing in locally owned companies and financing under prevailing conditions; and the current IFC 3.0 strategy which is focused on creating markets and opportunities by mobilizing capital, supporting regulatory reforms, creating jobs, improving and expanding financial inclusion, and bridging the infrastructure gap.
This evolution in IFC’s approach is also reflected in the contemporary and innovative nature of IFC and Korea’s current relationship; a key strategic partnership to meet the pressing challenges of the day and promote sustainable investment in emerging markets. This was demonstrated in the recent launch of the Korea Green Resilient and Innovative Development (K-GRID) program, a new $30 million program to support climate action, digitization, and the application of technology to improve climate outcomes in emerging and developing economies. It is with great enthusiasm that I recognize this 10-year milestone and anticipate another decade of innovative partnership between IFC and the Republic of Korea.
Kim-See Lim
IFC Regional Director, East Asia and the Pacific
10 YEARS OF PARTNERSHIP:
A TIMELINE OF COLLABORATION