South Korea pledges 45% increase in World Bank fund contribution

Scenes from the G20 summit at the Museum of Modern Art in Rio de Janeiro, Brazil

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

Source: 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.

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This article was produced by Reuters news agency. It has not been edited by Global South World.

By Reuters