Busan: South Korea is set to enhance its cooperation with the World Bank to aid developing nations in advancing their agriculture and food technologies, as announced by Seoul's finance ministry. This strategic initiative aims to bolster efforts in supporting global development.
According to Yonhap News Agency, the Ministry of Economy and Finance convened an annual meeting with World Bank officials in Busan, a southeastern port city. The meeting focused on evaluating ongoing collaboration projects under the Korea-World Bank Group Partnership Facility (KWPF) and exploring avenues for future development assistance programs.
The KWPF stands as South Korea's largest trust fund within the World Bank, dedicated to providing assistance to developing countries across various sectors, including digital, health, agriculture, energy, job creation, and innovation. Since its inception in 2013, the facility has extended a total of US$46.8 billion in support to 99 nations.
During this year's meeting, both the finance ministry and the World Bank reviewed joint projects that aim to transfer South Korea's technologies in digital and eco-friendly agriculture to Tanzania, Kenya, and five other countries. They also deliberated on strategies to expand their partnership further.