South Korea Increases Contribution to World Bank

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, boosting it to more than $600 million, according to the finance ministry on Tuesday.

The country, which was once a beneficiary during the 1960-1970s, will this year contribute around 845.6 billion won ($608.26 million) to the fund aimed at financial aid for low-income countries, rising from 584.8 billion won in the previous 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 stated.

U.S. President Joe Biden also announced a record $4 billion contribution during a closed session of the Group of 20 summit in Rio de Janeiro, increasing from $3.5 billion in 2021.

> ($1 = 1,390.2000 won)