World Bank Group Korea Office : FY24 Annual Report

Overview & Synopsis

FY24 marked a year of growing leadership for the World Bank Group’s (WBG ) Korea Office, as Korea’s development experience and technical expertise played an increasingly important role in supporting client countries facing complex global challenges. Amid accelerating transitions in digital technology, climate action, and sustainable finance, the Korea Office advanced its role as a Global Center for Innovation and Technology for Sustainable Development, helping translate Korea’s lessons into practical solutions for countries worldwide. A key milestone of the year was the official visit of World Bank Group President Ajay Banga to the Republic of Korea, the first by a WBG President in over five years. In meetings with the President and senior government officials of the Republic of Korea, President Banga commended Korea’s transformation from an aid recipient to a global development partner. He highlighted Korea’s growing contributions to official development assistance (ODA), digital innovation, and climate leadership, and emphasized how Korea’s experience overcoming past crises, such as the Korean War and the 1997 financial crisis, offers valuable lessons for countries today. In his remarks to students at Seoul National University, he underscored the critical role of the next generation in advancing shared global priorities through innovation, resilience, and collaboration. Throughout FY24, the Korea Office deepened its work across two strategic pillars: Innovation and Technology, led by Digital Development, Finance, Competitiveness and Innovation (FCI ), and the ITS Technology and Innovation Lab (ITS T&I Lab ); and Green Growth Innovation for Sustainable Development, led by Energy and Extractives (EEX ), Environment, Natural Resources, and Blue Economy (ENB ), and Urban, Disaster Risk Management, Resilience, and Land (URL).