FY19 ANNUAL REPORT WORLD BANK GROUP KOREA OFFICE FY19 ANNUAL REPORT Contents Abbreviations WORLD BANK GROUP 04 KOREA OFFICE Executive Summary 08 Phase 2 of the WBG Korea Office 11 Major Highlights 12 Innovation and Technology for Sustainable Development 13 Key Activities of the Country Management Unit 16 World Bank Global Practices and Themes in the Korea Office 25 Green Growth Innovation for Sustainable Development 26 Finance, Competitiveness, and Innovation 35 Korea Program for Operational Knowledge 39 Fragility, Conflict, and Violence 42 Education 45 Supporting the Korean Private Sector with Emerging Market Opportunities 49 International Finance Corporation 50 Multilateral Investment Guarantee Agency 57 Contact List 59 Abbreviations 4IR Fourth Industrial Revolution IDA International Development Association AMC asset management company IFC International Finance Corporation ASEAN Association of Southeast Asian Nations IGE Institute for Global Economics BBL brown-bag lunch IGIF Integrated Geospatial Information Framework BIXPO Bitgaram International Expo of Electric Power Technology IPP independent power producer BOK Bank of Korea JPRI Judicial Policy Research Institute DDP Digital Development Partnership JRTI Judicial Research and Training Institute DECKS Development Economics Knowledge and Strategy KAB Korean Appraisal Board EAP East Asia and Pacific Region KAMCO Korea Asset Management Company ENB Environment, Natural Resources, and Blue Economy KCIF Korea Center for International Finance Korea Agency of Education, Promotion, and Information Service in Food, KDI Korea Development Institute EPIS Agriculture, Forestry, and Fisheries KDIC Korea Deposit Insurance Corporation ESCO energy service company KEA Korea Energy Agency FAM Famine Action Mechanism KEITI Korea Environmental Industry and Technology Institute FCI Finance, Competitiveness, and Innovation KEPCO Korea Electric Power Corporation FCV Fragility, Conflict, and Violence KETEP Korea Institute of Energy Technology Evaluation and Planning FSS Financial Supervisory Service KEXIM Korea Export-Import Bank FY fiscal year K-FCV Korea Trust Fund for Economic and Peace-Building Transitions GCF Green Climate Fund KGGTF Korea Green Growth Trust Fund GCKN Global Compact Network Korea KGID Korea Green Innovation Days GCRP Global Crisis Risk Platform KHI KEB Hana Indonesia GDI Global Delivery Initiative KHMF KEB Hana Microfinance Limited GEEF Global Engagement & Empowerment Forum KHNP Korea Hydro Nuclear Power GIGF Global Innovative Growth Forum KIAT Korea Institute for the Advancement of Technology GKEDC Global Knowledge Exchange and Development Center KIEP Korea Institute for International Economic Policy GP Global Practice KIND Korea Overseas Infrastructure and Urban Development Corporation GWh gigawatt hour KMI Korea Maritime Institute HRD Human Resources Development KOEM Korea Marine Environment Management Corporation ICT information and communication technology KOICA Korea International Cooperation Agency 04 | FY19 Annual Report World Bank Group Korea Office Abbreviations | 05 Abbreviations KOTI Korea Transport Institute PPA Pacific Power Association KOTRA Korea Trade-Investment Promotion Agency PPCB Phnom Penh Commercial Bank KPOK Korea Program for Operational Knowledge PPP public-private partnership KPX Korea Power Exchange PSW private sector window KRIHS Korea Research Institute for Human Settlements RSIF Regional Scholarship and Innovation Fund KSD Korea Securities Depository SBC Seoul Bankruptcy Court KSP Knowledge Sharing Program SDG Sustainable Development Goal KT Korea Telecom SMG Seoul Metropolitan Government KTF Korea Trust Fund SNU Seoul National University KYC Know Your Customer SSKE South-South knowledge exchange LUTP Leaders in Urban Transport Program SWM solid waste management LX Korea Land and Geospatial Informatix Corporation T-CoP Treasury Community of Practice MAS manufacturing, agriculture, and services UN United Nations MDB multilateral development bank United Nations Committee of Experts on Geospatial Information UN-GGIM MIGA Multilateral Investment Guarantee Agency Management MOE URL Urban, Disaster Risk Management, Resilience, and Land Ministries of Environment MOEF VC venture capital Ministry of Economy and Finance MOJ Ministry of Justice WBG World Bank Group MOLIT Ministry of Land, Infrastructure, and Transport WDR World Development Report MOU memorandum of understanding MW megawatt NGII National Geographic Information Institute NGO nongovernmental organization NPL nonperforming loan NTFP nontimber forest products NWEDC Nepal Water and Energy Development Company ODA official development assistance OLC Open Learning Campus PASET Partnership for Skills in Applied Sciences, Engineering, and Technology 06 | FY19 Annual Report World Bank Group Korea Office Abbreviations | 07 Executive Summary This annual report for the World Bank Group (WBG) Korea office covers the period July 2018 to In November 2019, the Korea office coorganized the inaugural Global Innovative Growth Forum December 2019. The WBG Korea office had an eventful past year and half as it transitioned from (GIGF) in Korea with the MOEF. The forum drew more than 400 public and private sector participants, phase one to phase two of the office, welcomed several new managers, and expanded its focus on including MOEF Vice Minister Yun Cheol Koo and World Bank Vice President for the East Asia and innovation and technology. Phase two of the agreement by the Republic of Korea’s Ministry of Pacific Region (EAP) Victoria Kwakwa. The office plans to conduct the GIGF as an annual international Economy and Finance (MOEF) to support the Korea office was signed in April 2018, which extended flagship event in Korea. For February 2020, the World Bank and the MOEF are organizing a Korea- the government’s support to fiscal years FYs1 2019 through 2021. Phase one of the agreement had WBG Partnership Week for Innovation and Technology in the World Bank headquarters in Washington, focused on the successful establishment of the Korea office. Phase two will build on phase one by DC, to explore new partnerships to promote innovation and technology in developing countries. expanding the office and its programs. The green growth innovation program, newly established in the Korea office in FY 2019, quickly built In August 2018, Hoon Sahib Soh was appointed the new Special Representative (country manager) an operational and analytical program to support the green growth agenda in the EAP. The Korea of the WBG Korea office. He worked previously in the World Bank’s Beijing office as the program office’s Green Innovation Growth program is carried out jointly with the Korea Green Growth Trust leader responsible for the World Bank’s economic policy portfolio in China and Mongolia. In March Fund (KGGTF). The KGGTF is one of the largest Korea-financed World Bank global trust funds and 2019, Martin Raiser was appointed the director of the World Bank’s programs in China, Korea, and is managed by the KGGTF team based in Washington, DC to support green, sustainable growth in Mongolia. Previously, he had been the country director of Brazil. And in November 2019, Jiyeon developing countries. KGGTF cross-finances the staff time of the Green Innovative Growth team in Janice Ryu was appointed the new International Finance Corporation (IFC) resident representative the Korea office, and the team implements both KGGTF-financed activities and the operational work in Korea. programs of their respective GPs. The two activities are aligned with each other and result in synergy and complementarity. In FY 2019, two new World Bank teams joined the Korea office, the Green Innovation Growth team, composed of professional staff from the energy, environment, and land administration (urban The Green Innovation Growth team in the Korea office managed or supported investment and development) World Bank Global Practices (GPs), and the Fragility, Conflict, and Violence (FCV) technical assistance projects on renewable energy in the Philippines; clean and efficient energy in team, consisting of two staff members from the World Bank’s FCV global theme. The two teams Mongolia and Vietnam; solid waste management in Cambodia; climate change resilience in the joined two existing teams in the Korea office, the Finance, Competitiveness, and Innovation (FCI) Philippines; and large land administration lending operations in Vietnam and Philippines and GP’s financial sector team and the Development Economics Knowledge and Strategy (DECKS) team. technical assistance for geospatial information systems in Vietnam, Mongolia and Philippines. The team worked with key Korean development partners to support these projects and organize With the addition of these two new teams, the office needed a greater focus to enhance its impact. knowledge exchanges with clients in developing countries, for example, with the Korea Institute for An extended series of consultations was carried out, both internally and externally, and the resulting the Advancement of Technology (KIAT) on mini–power grid systems in the Philippines; with the consensus was to focus the Korea office on innovation and technology to support sustainable Korea Power Exchange (KPX) on the planning, building, and operating of a modern power grid development. Going forward, the Korea office plans to refocus itself and expand its programs and system in African countries; with the Korea Environmental Industry and Technology Institute (KEITI) staff along two pillars: (a) cross-cutting innovation and technology and (b) green growth innovation. on Cambodia’s solid waste management project; and with the Korea Land and Geospatial Informatix The Korea office expects to add five new staff members to the office by approximately the summer Corporation (LX) on ICT-based land administration systems in Vietnam. of 2020 in order to start building the new programs. The Seoul Center for Financial Sector Development, managed by the FCI team in the Korea office, The Korea office has already started to build its program for innovation and technology. It launched continued to promote financial sector stability and soundness in EAP countries, leveraging Korea’s a new seminar series to showcase examples of Korean innovation and technology and to highlight experience and expertise in financial sector development and its network of over 30 partnerships the latest global debates and issues on the topic. From July 2018 to January 2020, a total of nine with Korean financial sector institutions. The Seoul Center also provides direct technical support to brown-bag lunch (BBL) seminars were conducted on topics such as data platforms for smart cities, financial sector development in EAP countries and over the past year contributed to financial sector skills development for the future workplace, digital agriculture technology, and leveraging reforms in Cambodia, improving the management of nonperforming loans (NPLs) and strengthening information and communication technology (ICT) in FCV countries. A new series of working papers the insolvency regime in Mongolia and supporting Philippines to rethink agriculture financing policy. to highlight Korean case studies of innovation and technology is being prepared, and the office is The center is also preparing case studies on Korea’s fintech experience, such as on Korea’s internet- expanding and building new local and international partnerships to support developing countries in only banks. In collaboration with FCI colleagues in the Malaysia and Vienna offices, the Seoul innovation and technology. Financial Center also organized a major conference in Kuala Lumpur on Asia’s NPL resolution. Finally, the FCI team in the Korea office manages the Seoul Financial Center trust fund which supports financial sector development in EAP countries, providing multiyear grants averaging over 1 The World Bank’s fiscal year is from July 1 to June 30 of the following year. US$800,000. 08 | FY19 Annual Report World Bank Group Korea Office Executive Summary | 09 Executive Summary FY19 ANNUAL REPORT WORLD BANK GROUP KOREA OFFICE The DECKS team in the Korea office manages the Korea Program for Operational Knowledge (KPOK). KPOK is a program that shares operational knowledge, lessons learned, and good practices to help strengthen capacity of country clients implementing World Bank projects. It gathers knowledge gained over the course of Korea’s successful development from a low-income country to a global economic power and leverages this knowledge through a range of capacity building activities including blend of online and face-to-face courses and case studies. Working with Korean partners and World Bank GPs, KPOK delivered learning programs on solid waste and landscape management, digital agriculture technology, and road safety. It is also developing a series of Global Delivery Initiative (GDI) case studies on the Korean development experience in topics such as geospatial information management, transport and open government which highlights examples of innovation and technology. The FCV team, newly introduced to the Korea office in FY 2019, supported the core deliverables of the World Bank’s FCV Group, including on analytical studies and innovative engagements in FCV countries and operationalization of crisis risk-management initiatives such as the World Bank’s Famine Action Mechanism (FAM). The FCV team also facilitates Korean partnerships on FCV issues, including by promoting innovative approaches to initiatives supported by the Korea Trust Fund for Economic and Peace-Building Transitions (K-FCV). For example, the team has been engaging with the Korea International Cooperation Agency (KOICA) to share and exchange knowledge on engagement in FCV countries, particularly around Sustainable Development Goal (SDG) 16 for Phase 2 peace, justice, and strong institutions; with Korea Telecom (KT) on the use of geospatial digital technology in FCV countries; and with the Rural Development Administration on the potential use of insects for food and animal feed. of the WBG Korea Office The IFC and the Multilateral Investment Guarantee Agency (MIGA) continued to help mobilize Korea’s private investments in developing countries. IFC Korea has built a robust pipeline of projects, collaborating closely with Korean sponsors from the early stages of project development. In FY 2019, it signed off on two investment projects with Korean sponsors—the Tafila Wind Project, an independent power producer (IPP) in Jordan, and the Upper Trishuli-1 Hydro Project, a public- private partnership (PPP) in Nepal— overcoming significant challenges including long lead times and complexities in emerging markets. MIGA Korea worked closely with the deal teams in • Major Highlights Washington, DC, on pipeline projects involving Korean companies, including hydropower projects in Nepal and the Solomon Islands and an industrial park in Myanmar. Innovation and Technology for Development •  Key Activities of the Country Management Unit •  10 | FY19 Annual Report World Bank Group Korea Office Innovation and Technology Major Highlights for Sustainable Development Phase two of the government of Korea’s agreement to support the World Bank Group (WBG) Korea Recognizing the need for greater focus to enhance its impact, the Korea office engaged the Korean office was signed in April 2018. It extended the support from the Ministry of Economy and Finance government and internal stakeholders in the World Bank in an extended dialogue to determine the (MOEF) to the Korea office to fiscal years FYs2 2019 through 2021. This phase follows the phase one office’s new focus. The consensus of these consultations was to focus the Korea office on innovation agreement that covered FY 2015 through 2018. The administration agreement for phase two and technology to support sustainable development in developing countries. The Korea office would increased the government’s financial support to the office from US$6.7 million to US$19 million. seek to integrate innovation and technology into all aspects of its activities, including green innovation Also, under phase two, the Korea office agreed to increase its activities to support World Bank growth; financial sector development; knowledge exchange and management; and engagements in operations (see figure 1) and to expand by adding new programs on green innovative growth and on fragility-, conflict-, and violence-affected states. fragility-, conflict-, and violence-affected states. The Korea office has been building a program on innovation and technology, including a series of To oversee the implementation of phase two, in August 2018, Hoon Sahib Soh was appointed the seminars and knowledge notes, newsletters that highlight Korea’s experiences in innovation and new Special Representative of the WBG Korea office, replacing Joyce Msuya. Mr. Soh worked technology, and the inaugural Global Innovative Growth Forum (GIGF; November 7–8, in Seoul), previously in the World Bank’s Beijing office as the program leader responsible for the World Bank’s economic policy portfolio in China and Mongolia. In March 2019, Martin Raiser was appointed the coorganized with the MOEF. MOEF is also a key partner in organizing the Korea-WBG Partnership new director of the World Bank’s China, Korea, and Mongolia programs, succeeding Bert Hofman. Week for Innovation and Technology ("Korea Innovation Week," for short). This event will take place And most recently, in November 2019, Jiyeon Janice Ryu was appointed as the International Finance in Washington, DC, in February 2020 to highlight existing partnerships and Korea’s innovation and Corporation (IFC) representative in the Korea office, replacing Joon Young Park. technology global leadership and to explore new areas of partnerships to support developing countries in harnessing innovation and technology for development. Among his first tasks as the new manager, Mr. Soh managed the expansion of the office under phase two. Two new teams joined the office in the second half of 2018: the Green Innovation Growth team, composed of World Bank staff from the energy, environment, and land administration (urban development) Global Practices (GPs), and the Fragility, Conflict, and Violence (FCV) team, consisting of two FCV staff. These teams joined two existing teams in the office: the Finance, Competitiveness, Global Innovative Growth Forum and Innovation (FCI) GP’s financial sector team and the Development Economics Knowledge and The GIGF is a new joint initiative by the MOEF and WBG to provide a forum for discussing how to Strategy (DECKS) team. As a result of the office expansion, the number of regular staff members in seize the opportunities and manage the challenges of innovation and rapid transformation. Opening the office increased from 14 in phase one to 21 in phase two. remarks at the forum were provided by MOEF Vice Minister Yun Cheol Koo and World Bank Vice President for the East Asia and Pacific Region (EAP) Victoria Kwakwa. The forum attracted more Figure 1. Phase II pillars than 400 public and private sector participants domestically and internationally, including experts from various ministries and research institutes and companies such as Airbnb Korea and Daumsoft. Global innovation and technology trends and major policy issues were discussed on the first day of the forum. Private sector representatives debated specific topics, such as platform sharing, data, KNOWLEDGE BUILDING WORKING WITH OPERATIONAL artificial intelligence, and automation and robots, on the second day. Also, Vice Minister Koo and SHARING PARTNERSHIPS KOREAN FIRMS SUPPORT Vice President Kwakwa Disseminating Korea’s Building and Exploring business/ Expanding the office’s development experience, strengthening investment role with stronger links shared their ideas on the bringing WBG global partnerships opportunities to WBG operations to bring possibility of organizing GIGF knowledge into Korea with the Korean in investments outside Korea’s development as a joint annual flagship government and other Korea with Korean firms/ experience, advantages institutions private sector and resources event and on expanding (IFC and MIGA) to developing countries collaboration in the areas of Note:  IFC = International Finance Corporation; MIGA = Multilateral Investment Guarantee Agency; WBG = World Bank Group. innovation and technology. 2 The World Bank’s fiscal year is from July 1 to June 30 of the following year. 12 | FY19 Annual Report World Bank Group Korea Office Phase 2 of the WBG Korea Office | 13 Innovation and Technology for Sustainable Development Korea office Innovation and Technology seminar series No. Seminar title Date GP Korean components The Korea office, jointly with the World Bank GP teams, launched a new brown-bag lunch (BBL) 8 Safer Vehicles for Safer Roads December Global Road Korea seminar series on innovation and technology for development. The BBL seminars are livestreamed 4, 2019 Safety Facility, Transportation for both internal and external audiences, and the recorded sessions are uploaded to the World Transport Safety Authority, Bank’s Open Learning Campus (OLC) website, where they are publicly accessible. From July 2018 to Korea New Car January 2020, a total of nine BBL seminars were conducted on the following topics: Assessment Program Table 1. List of the Korea office’s Innovation and Technology BBL series topics 9 Innovative Financial Services: January Finance, Fintech Center Experience of Internet-Only Banks 22, 2020 Competitiveness, Korea, Seoul in Korea and Innovation National University Korean No. Seminar title Date GP components BBL = brown-bag lunch; EPIS = Korea Agency of Education, Promotion, and Information Service in Food, Agriculture, Note:  Forestry, and Fisheries; FCV = fragility, conflict, and violence; GP = Global Practice; ICT = information and communication 1 Data Platforms for Smart Cities: November Social, Urban, Data platforms, technologies; KT = Korea Telecom. Experiences and Lessons 21, 2018 Rural, and applications, and Resilience services in Korean smart cities 2 Building Up Cybersecurity June Digital Korea Internet and Knowledge products Resilience in World Bank Client 5, 2019 Development Security Agency Countries The Korea office is developing a series of knowledge notes, in collaboration with GPs, on case studies of Korea’s development experience with innovation and technology. The notes are meant to 3 Solid Waste Management: June Social, Urban, Ecube Labs Korea Technological Options and 20, 2019 Rural, and be short case studies that summarize Korea’s experience, showcasing their lessons learned for Opportunities Resilience practitioners and policymakers. Each note is typically coauthored by a World Bank staff member and a Korean expert. The Korea office also plans to prepare a major flagship report on Korea’s 4 Data Analytics and Intelligence in August Agriculture EPIS, Environment Digital Agriculture Technology 28, 2019 and Plant transition from a middle-income to a high-income economy and the country’s path to becoming a Information global leader in innovation and technology. The notes being prepared are on the following topics: Network • Korea’s information and communication technology (ICT)-based land administration system 5 Bridging Skills Gaps by Lifelong September Education Korea Research • Reforming education systems to prepare for technology advancement Learning and Advanced Technology 10, 2019 Institute for • An online asset bidding system by the Korea Asset Management Corporation (KAMCO) Vocational Education and • Internet-only banks in Korea Training • Development of the 5G network in Korea 6 Innovations in Skills Development October Education Training program • An energy storage system for transitioning to low-carbon development 30, 2019 using a digital platform 7 Leveraging Big Data and ICT-Based November Fragility, Conflict, KT Innovative Solutions for FCV- 19, 2019 and Violence Affected Situations 14 | FY19 Annual Report World Bank Group Korea Office Phase 2 of the WBG Korea Office | 15 Key Activities of the Country Management Unit Strengthening Korea-WBG partnerships Korea Office signs memorandum of understanding with Seoul National University (July 25, 2019) A major objective of the WBG Korea office is to support partnerships with Korean institutions in order to leverage the expertise and capacity of Korean partners. The Korea office actively engages The World Bank and Seoul National University (SNU), with key Korean public institutions, the private sector, academics, and civil society. The office one of the premier universities in Korea, signed a regularly issues newsletters, updates its external website and engages with the media to keep the memorandum of understanding (MOU) to enhance public aware of the World Bank’s partnerships in Korea. partnership between the two institutions. Martin Raiser, the World Bank’s country director for China, MOEF Development Finance team is the main partner and counterpart in the government for the Korea, and Mongolia, signed the MOU on behalf of the Korea office. The Korea office conducts annual business planning meetings with the MOEF World Bank, and Professor Kookheon Char, dean of Development Finance team to discuss key activities of the Korea office and strategize for the coming SNU’s College of Engineering, signed on behalf of year. In 2019, the discussions focused on the innovation and technology program. SNU. The MOU covers cooperation in the exchange of The office supports Korean partnerships of not knowledge and expertise between Korea and the World Bank to promote innovation, technology, only GP teams based in the Korea office but and entrepreneurship. also GP teams that are based in other World Bank offices, including the World Bank’s headquarter in Washington, DC. A wide range Akihiko Nishio, Vice President of Development Finance, visited Korea (August 14– of GP teams based in other offices are actively 15, 2019) engaged in Korea to leverage the country’s Akihiko Nishio, World Bank vice president of development finance, visited Korea on August 14–15, successful development experience. In 2019, 2019, and met with the MOEF and the Korea Development Institute (KDI) School of Public Policy and the Korea office supported missions by four Management. They discussed the partnership with Korea to support developing countries and different World Bank Vice Presidents, a testament to the importance of the partnership. Also in Korea’s support to the 19th replenishment of the World Bank’s International Development 2019, the office signed a memorandum of understanding (MOU) with Seoul National University to Association (IDA) funds. develop partnerships on innovation and technology. Makhtar Diop, Vice President for Infrastructure, visited Korea (October 1–5, 2019) Mahmoud Mohieldin, Senior Vice President, speaks at the Global Engagement and Empowerment Forum on Sustainable Development (February 14, 2019) Makhtar Diop, World Bank vice president for infrastructure, visited Korea in October 2019 to discuss potential partnerships concerning disruptive technologies in areas such as the digital economy and World Bank Senior Vice President Mahmoud Mohieldin spoke at the “Health: Holistic Approaches to the transportation sector. Vice President Diop highlighted the Korea office’s importance in the Healthy Lives for All” session of the Global Engagement & Empowerment Forum (GEEF), stressing Korea-WBG partnership and mentioned the World Bank’s flagship report on 5G and next year’s that universal health care cannot be achieved without the active participation of global institutions. World Development Report (WDR) on data for development as possible opportunities for collaboration He further explained that the World Bank is currently establishing global partnerships to extend the with Korea. coverage of universal health care. The 2019 GEEF was a global conference held to evaluate the status of the United Nations’ 2030 Agenda: Sustainable Development Goals. It was cohosted by Yonsei University, the Institute for Global Engagement and Empowerment, the Ban Ki-moon Centre for Global Citizens, the Korea International Cooperation Agency (KOICA), and the Seoul Institute. 16 | FY19 Annual Report World Bank Group Korea Office Phase 2 of the WBG Korea Office | 17 Key Activities of the Country Management Unit Victoria Kwakwa, East Asia and Pacific Region Sixth Leaders in Urban Transport Program in Korea (Oct 28–Nov 3, 2018) Vice President, visited Korea (November 6–8, The World Bank, the Korean Transport Institute (KOTI), and the Asian Development Bank jointly 2019) organized the Sixth Leaders in Urban Transport Program (LUTP) in Seoul. Participants from eight The World Bank vice president for the East Asia and countries attended the seven-day workshop, which offered a holistic view of urban transport Pacific Region, Victoria Kwakwa, visited Korea in management and its linkages to land use, energy, and climate change. The participants engaged in November 2019 to provide the opening remarks at the extensive case studies and group exercises on problem diagnostics, strategic planning, governance, inaugural GIGF and to meet with the MOEF and a number and financing. They also conducted site visits to learn from Seoul’s experience in public transport of Korean institutions to further partnerships on innovation and technology. She met with MOEF reform, multimodal integration, and intelligent transport systems. Deputy Minister Hoe Jeong Kim to discuss the broader Korea-WBG partnership and the importance of Korea’s support to the World Bank. At the GIGF, Vice President Kwakwa highlighted Korea’s Launching Workshop on the World Development Report Changing Nature of Work importance as a development partner for the World Bank and its success and capabilities in a wide (December 5–7, 2018) range of areas related to innovation and technology. The 2019 WDR Launching Workshop on the Changing Nature of Work was held in Korea in December 2018. Co-organized with the KDI Key Activities School of Public Policy, the conference discussed the impact of technology advancement on the workplace and presented policies and programs Twenty-five countries learn from Korea’s digital development experience (October related to the reforms of skills development, 15–19, 2018) labor mobility, worker protection, and social protection that countries will need in order to The World Bank coorganized, along with Korea’s National Information Society Agency, a five-day adapt to the changing nature of work. workshop in Korea on digital development. Representatives from the Digital Development Partnership (DDP)’s client countries, the Smart Africa Alliance, and the World Bank’s strategic partners had the opportunity to converse, exchange ideas, and learn from each other and from Public Expenditure Management Network in Asia’s Treasury Community of Practice Korea’s experience in implementing digital government policies and building the foundations of a meeting in Seoul (March 6–7, 2019) digital economy. Fourteen member countries participated in the Public Expenditure Management Network in Asia’s (PEMNA’s) Treasury Community of Practice (T-CoP) meeting in Korea, on “Digital Transformation in Opening ceremony of the Global Knowledge Exchange and Development Center Government Treasuries in East Asia.” The meeting centered around the sharing of country (October 31, 2018) experiences with digital transformation and reforms in East Asia. Various sessions and country presentations focused on treasury systems and Global Knowledge Exchange and Development Center (GKEDC) was established by the Government cash-flow forecasting, procurement, and payment of Korea to be a global platform for knowledge sharing of Korea’s development experience and a systems. In particular, the T-CoP meeting focused center for cooperation and partnership with international organizations for sustainable economic on the digitalization of government treasury growth. GKEDC is a major partner of the Korea office on knowledge sharing and capacity building functions, such as online payments for government programs. Hoon S. Soh, Special Representative of the Korea office, gave one of the keynote speeches services. and highlighted the extensive Korea-World Bank partnership on knowledge and capacity building, such as on the World Bank’s Open Learning Campus (OLC) and Global Delivery Initiative (GDI). 18 | FY19 Annual Report World Bank Group Korea Office Phase 2 of the WBG Korea Office | 19 Key Activities of the Country Management Unit Workshops on “Growth, Productivity, and Innovation: Lessons from Korea’s 2019 Korea Smart City Study Tour (September 2–6, 2019) Experience” (April 1, 2019) The third Korea Smart City Study Tour brought together World Bank clients and staff to share A team from the Macroeconomics, Trade, and Investment GP, led by Practice Manager Deepak insights and experiences with smart cities. The study tour was attended by 40 people and was Mishra, organized a series of workshops on, “Growth, Productivity, and Innovation: Lessons from organized in partnership with Korea’s Ministry of Land, Infrastructure, and Transport (MOLIT), the Korea,” with KDI and the WBG Korea office. The event provided a platform for World Bank researchers World Bank’s Smart Cities Knowledge Silo Breaker, and the Korea–World Bank Partnership Facility. working in Cambodia, Mongolia, Myanmar, Thailand, and Vietnam to hear from prominent development experts in Korea and to explore policy lessons relevant to their group of countries. Mr. 2019 dBrain capacity-building program (October 28–30, 2019) Soh, the Special Representative of the Korea office, spoke about the need to understand Korea’s successful development from a middle- to a high-income country and the country’s rise as a global On October 28–30, 2019, the Korea Public Finance Information Service and the World Bank jointly innovation and technology leader. organized workshops and a capacity-building program on public financial management information systems. The workshops were hosted by the MOEF and supported by the KDI School. Five delegations of participants attended, from Assam state in India, Bhutan, Hungary, and Vietnam. Opening ceremony of Seoul National University’s Global R&DB Center (April 30, 2019) Global Policy Trends on the Fourth Industrial Revolution 2019 (October 25, 2019) SNU established a new Global R&DB Center (GRC), where “B” stands for business. GRC will promote the generation and adoption of science and technology and provide capacity building in On October 25, 2019, the Korea’s Presidential technology management. Hoon S. Soh, Special Representative of the Korea office, provided the Committee on the Fourth Industrial Revolution keynote speech and highlighted the impact of technology advancement on development and organized the 2019 Global Policy Trends on the introduced the WBG’s efforts to harness technology for development and the Korea office’s Fourth Industrial Revolution conference in Seoul. contribution to the World Bank’s innovation and technology agenda. A total of 21 international and domestic speakers participated. Martin Raiser, the World Bank’s country director for China, Korea, and Mongolia, Asia-Pacific Roundtable on Infrastructure Governance (May 23–24, 2019) gave one of the keynote speeches, discussing More than 140 delegates representing 40 countries in East and South Asia participated in the EAP’s the Fourth Industrial Revolution from the World first Regional Roundtable on Infrastructure Governance and Tools. Co-hosted in Seoul by the World Bank’s perspective. He emphasized the need to reduce gaps in access to digital technologies and to Bank, the Korea Overseas Infrastructure and Urban Development Corporation (KIND), and the ensure data protection to reap the benefits and mitigate the distributional consequences of digital Korea Export-Import Bank (KEXIM), the conference brought together representatives from Asian technologies. governments, the private sector, and multilateral institutions to discuss the need to improve regulations, governance, and transparency in infrastructure in order to build the foundation for WDR 2020 Launching Workshop sustainable development. (November 21–22, 2019) The KDI School of Public Policy and Management and the World Bank cohosted the WDR 2020, Trading for Development in the Age of Global Value Chains launching workshop on November 21, 2019, in Seoul. Participants included international organizations, government officials, and academics. Aaditya Mattoo, the World Bank’s EAP chief economist and the WDR 2020 co-director, presented the report. 20 | FY19 Annual Report World Bank Group Korea Office Phase 2 of the WBG Korea Office | 21 Key Activities of the Country Management Unit Seventh Leaders in Urban Transport Program in Korea (November 17–23, 2019) Victoria Kwakwa, East Asia and Pacific vice president, interviews with the Korea Times (November 18, 2019) The KOTI and the World Bank’s Transport GP and KGGTF jointly organized the Building LUTP workshop in Seoul, the seventh LUTP workshop to take place in Korea. Participants included During her November 2019 visit to Korea, EAP Vice President Victoria Kwakwa had an exclusive policymakers, planners, government officials, and World Bank Directors Franz R. Drees-Gross and interview with the Korea Times. Vice President Kwakwa emphasized the importance of the WBG Guangzhe Chen of the Infrastructure Practice Group. In his opening remarks, Hoon Sahib Soh, Korea office in leveraging Korea’s practical development experience and collaborating with Korean Special Representative (country manager) of the WBG Korea office, reaffirmed the importance of partners to support developing countries. She added that “we can leverage the Korea office even the LUTP program and commended the updating of the program to incorporate smart mobility and more by focusing further on innovation and technology as well as green growth innovation as the other emerging technologies. The World Bank team also met with Vice Minister Kyung-Wook Kim two focal points of our partnership.” and Director General Sangdo Kim of the MOLIT to exchange information and explore partnerships. More media engagement External outreach Interviews conducted by Hoon S. Soh, the Special Representative of the Korea office, included the following: • Interview with Bretton Woods Newsletter (September 2018) Senior Director Michal Rutkowski’s interview with the Korea Herald about WDR • Interview at the MOEF International Financial Institutions Career Fair (October 2018) 2019 (December 9, 2018) • Traffic Broadcasting System (TBS) radio interview (April 2019) In an interview with the Korea Herald, WBG Senior Director Michal Rutkowski shared ideas on how • Construction Economy News (May 2019) to better protect workers in the changing work environment caused by technological advances and automation. He empathized the importance of investment in human capital to allow people to Table 2. List of public engagement and outreach activities of the Korea office benefit from automation and find better-paid jobs that require higher skills. He also suggested policy measures to strengthen the labor market and to reduce the large gaps between small and Name of event Korean partners Description of activities large companies in compensation and working conditions. Bretton Woods Club Bretton Woods Club Mr. Soh, the WBG Korea Special • (April 5, 2019) consists of members Representative, presented an overview of that work on or the WBG Korea office’s program and its Hoon S. Soh, Special Representative of the World Bank Group Korea office, previously worked on partnerships on innovation and technology. interviews with Arirang TV’s The Chamber (July 16, 2019) the World Bank or IMF. Hoon Sahib Soh, Special Representative SNU Global Research and SNU Mr. Soh, the WBG Korea Special • (country manager) of the WBG Korea office, Development Business Representative, delivered the keynote was interviewed in Arirang TV’s The Chamber Center Opening speech on innovation and technology for about the WBG Korea office and the World Ceremony sustainable development. Bank. In the interview, he said that the goals (April 30, 2019) of the World Bank are to eliminate extreme National Assembly’s National Assembly Mr. Soh, the WBG Korea Special • poverty and to promote shared prosperity. He Africa New Era Forum Representative, gave the keynote speech on also introduced the Korea office and explained Breakfast Seminar the World Bank’s program in Africa and the that it works with Korean public and private (July 3, 2019) Korea office’s support to African projects partners to support projects in developing and knowledge exchange. countries. 22 | FY19 Annual Report World Bank Group Korea Office Phase 2 of the WBG Korea Office | 23 Key Activities of the Country Management Unit FY19 ANNUAL REPORT WORLD BANK GROUP KOREA OFFICE Name of event Korean partners Description of activities Korea International Water MOE of Korea; Mr. Soh, the WBG Korea Special • Week 2019 K-Water; and Ministry Representative, delivered a speech (September 4–7, 2019) of Land, addressing the World Bank’s water sector Infrastructure, and engagement, including projects supported Transport of Korea, by the World Bank and the use of innovative with Daegu and technology-based solutions in the Metropolitan City water sector. Korea-WBG Conference KEITI, MOE Mr. Soh, the WBG Korea Special • on Greenhouse Gas Representative, gave the congratulatory Reduction and Global remark, emphasizing the importance of Carbon Markets pilot programs to develop the necessary (October 11, 2019) tools, build institutional capacity, and facilitate informed decisions based on practical experience in carbon pricing and climate markets. The Ninth International Ten Korean Mr. Soh, the WBG Korea Special • World Bank Global Symposia for Green, institutions, including Representative, provided the keynote Smart Development and SNU, the Korea speech, highlighting new opportunities to Vision 2019 Advanced Institute of improve urban management and delivery of Practices and Themes (November 26, 2019) Science and public services by harnessing digital Technology, and technologies as well as the need for Pusan National collaboration and partnerships to address University the multisectoral nature of smart city in the Korea Office developments. 2019 Science and Science and Mr. Soh, the WBG Korea Special • Technology Policy Technology Policy Representative, delivered the keynote Institute International Institute speech, titled “Partnership in Innovation Symposium and Technology for International (December 11, 2019) Development.” Note:  KEITI = Korea Environmental Industry and Technology Institute; MOE = Ministries of Environment; SNU = Seoul National Green Growth Innovation for Sustainable Development •  University; WBG = World Bank Group. Finance, Competitiveness, and Innovation •  Korea Program for Operational Knowledge •  Fragility, Conflict, and Violence •  • Education 24 | FY19 Annual Report World Bank Group Korea Office The World Bank Group’s (WBG) Korea office continued to see increasing interest from client countries discussions on major issues surrounding green growth and long-term climate-smart development, in fiscal year “FY 2019” and FY 2020 in learning about Korea’s innovations in development. Under and it provides a platform for WBG staff, client countries, and green growth experts to network and phase two, the Korea office’s work program continued to expand, with greater emphasis on exchange technical and operational knowledge. supporting the World Bank’s operational work as an important medium to disseminate Korean More than 30 Korean institutions, 70 World Bank technical specialists and 90 officials from 14 knowledge and expertise. This expansion of operational support was led the Green Innovative Growth developing countries participated in the 2019 KGID. A panel session on World Bank partnerships connecting and leveraging Korea was moderated by Hoon Sahib Soh, Special Representative team newly introduced to the Korea office, which consists of Katherine Kelm, Senior Land (country manager) of the WBG Korea office and included the Korea office’s Green Innovative Growth Administration Specialist; Maurice Rawlins, Natural Resource Management Specialist; and Inchul team as panel members. The panel discussions highlighted the importance of having an on-the- Hwang, Senior Energy Specialist. The team partnered with Korean institutions to provide innovative ground presence to support and effectively leverage Korea-WBG partnerships. solutions to clients in developing countries in a range of areas, including fisheries, coastal resources management, solid waste management, pollution control, forestry, land administration, power Table 3. Korean partnerships supported by the Korea office green innovative growth team grids, and agriculture. The team emphasizes Korean partnerships to leverage Korea’s green innovative growth capabilities (see Table 3). Client Korean partners Key sectors and innovations countries • KMI Myanmar, Fisheries aquaculture, marine pollution, and coastal • KOEM Vietnam resources management, including for vessel monitoring systems Green Growth Innovation • Ministry of Environment • KEITI Cambodia, Lao PDR, Solid waste and pollution management policies and technologies, including for high-technology landfill for Sustainable Development Myanmar systems • Korea Forest Service Cambodia, Forest landscape management by digitalizing forest •Korea Rural Economic Lao PDR, landscape planning and management and developing Institute Myanmar spatial information and decision-support systems Korea Green Growth Trust Fund (KGGTF) - A Major Partner of • KAB Uzbekistan, ICT-based land administration systems, including land the Korea Office • LX Vietnam valuation and appraisal systems • KPX African Planning, building, and operating a modern power grid The Korea Green Growth Trust Fund (KGGTF) is a countries system major partner of the Korea office on the green growth agenda. The World Bank Korea office’s • KIAT Philippines, Affordable and sustainable modern energy solutions, Vietnam, such as mini–power grid systems Green Innovative Growth team is cross-financed by Senegal, KGGTF. The staff of the Green Innovative Growth Nigeria team implement both KGGTF-financed activities • KT African Collaboration on the Geo-enabled Monitoring and and the operational work programs of their countries Supervision initiative using KT’s mobile data collection respective GPs. The Korea office’s Country technology Management Unit also works closely with the • EPIS EAP and Digital agriculture knowledge exchange workshop with KGGTF team to expand partnerships with Korean institutions, for example to support the Vietnam- African client country participants Korea smart cities partnership and the Africa Drone Forum planned for February 2020. countries KGGTF held its sixth annual Korea Green Innovation Days (KGID) conference in September 2019, EAP = East Asia and Pacific Region; EPIS = Korea Agency of Education, Promotion, and Information Service in Food, Note:  focusing on transformational strategies and approaches for achieving green growth. KGID is Agriculture, Forestry, and Fisheries; ICT = information and communication technologies; KAB = Korean Appraisal Board; KEITI = Korea Environmental Industry and Technology Institute; KIAT = Korea Institute for the Advancement of Technology; KGGTF’s annual flagship event. It brings together clients from developing countries, WBG staff, and KMI = Korea Maritime Institute; KOEM = Korea Marine Environment Management Corporation; KPX = Korea Power Korean partners to showcase program progress and lessons learned. KGID facilitates in-depth Exchange; KT = Korea Telecom; LX = Land and Geospatial Informatix Corporation; PDR = People’s Democratic Republic. 26 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 27 Green Growth Innovation for Sustainable Development Clean and Efficient Energy Pacific Islands Sustainable Energy Industry Development Project (P152653, US$5.66 million, Pacific islands) Universal access to affordable, reliable, sustainable, and modern energy—Sustainable Development Goal (SDG) 7—is essential to reaching other SDGs and is at the center of the World Bank’s efforts to The Pacific Islands Sustainable Energy Industry Development Project aims to increase the data tackle climate change. The World Bank’s Energy and Extractives GP supports technological, availability and capacity of Pacific Island power utilities to enhance their ability to incorporate and financial, and policy innovations to help accelerate the expansion of reliable and affordable electricity manage renewable energy technologies and long-term disaster risk planning. Inchul Hwang, Senior services and end energy poverty through clean energy projects and various other programs, such as Energy Specialist, is engaged in developing industry guidelines and competency standards. He the Energy Sector Management Assistance Program. In particular, the Korea office is helping East worked with KEPCO to invite Pacific Power Association (PPA) clients and World Bank staff working Asia and Pacific Region (EAP) countries accelerate their transition to clean energy through renewable in the Pacific Islands to KEPCO’s major flagship event, the Bitgaram International Exposition of energy and energy efficiency projects in collaboration with a number of Korean partners, such as Electric Power Technology (BIXPO) 2019. The invited PPA clients explored opportunities to integrate the Korea Electric Power Corporation (KEPCO) and the Korea Energy Agency (KEA). Korean expertise into their regional e-mobility and battery storage programs. Additional financing to Ulaanbaatar Clean Air Project (P167421, US$12 million, South-South knowledge exchange for Africa: Masterclass on power system Mongolia) operations and planning (May 13–24, 2019) The proposed Ulaanbaatar Clean Air Project will support the Mongolian government to improve The KGGTF, the Korea Power Exchange (KPX), and the World Bank’s Energy and Extractives GP policy and regulations to promote clean heating and will provide technical support and awareness- hosted a two-week masterclass on power system operations and planning under the KGGTF grant raising campaigns. Inchul Hwang, Senior Energy Specialist, is engaged in technical reviews and activity “Strengthening Utility Capabilities by Capacity Building, Education, and South-South policy advice for energy efficiency components of the project, such as replacing polluting gas boilers knowledge exchange (SUCCESS-KE).” The class took place in Naju, Korea, in May 2019. Over the and improving house insulation. The Korea office collaborated with the Korea Institute of Energy course of the masterclass, 36 participants from the West African Power Pool and the World Bank Technology Evaluation and Planning (KETEP) to invite nine Mongolian government officials, financed learned how KPX plans, builds, and operates a highly modernized grid. Participants had the by KETEP, to a WBG-KETEP knowledge exchange on Mongolian buildings energy efficiency in opportunity to learn from KPX experts on topics including real-time dispatch, forecasting, stability November 2019. The officials had a chance to learn how Korea improved energy efficiency of its and special protection schemes, market settlement, and monitoring, and they visited a 765 kilovolt buildings by continuously strengthening regulations and incentives and promoting relevant green substation, a battery energy storage site, and power testing centers. The masterclass was provided technologies. The officials visited residential buildings (Energy Zero apartment houses), commercial to help participants plan, build, and operate the future electric grid of Sub-Saharan Africa, a key buildings (the Green Zero Energy Office and the heating facility of the Korea District Heating priority area for the World Bank. Corporation, and green retrofit sites (aging apartment complexes). South-South knowledge exchange Vietnam Energy Efficiency for Industrial Enterprises Project (P151086, US$100 for South Asia on energy-efficient and million, Vietnam) green buildings (June 17–21, 2019) To support the Vietnam Energy Efficiency for Industrial Enterprises project, the Korea office The World Bank’s Energy and Extractives GP, organized knowledge exchange events in Korea to demonstrate the viability of various industrial the KEA, and the Korea-World Bank energy efficiency technologies and business models and to facilitate stakeholder engagement and Partnership Facility hosted a one-week knowledge sharing among industrial enterprises, participating financial Institutions, and energy south-south knowledge exchange (SSKE) on service companies (ESCOs). Participating Vietnamese officials visited the KEA, the Korea ESCO energy efficient and green buildings for Association, and companies that possess key knowledge and experience in implementing relevant Bangladesh and Sri Lankan clients in Seoul, Korea, in June 2019. Senior Energy Specialist Inchul policies and in identifying and implementing energy efficiency–related business opportunities in Hwang of the Korea office helped organize and manage the SSKE. The knowledge exchange was industries. The aim of these knowledge exchanges was to help develop a robust and bankable organized to provide a forum for practitioners from Bangladesh and Sri Lanka to learn about energy pipeline of industrial energy efficiency projects in Vietnam in order to attract investments in the efficiency policies, business models, and financing in the areas of building energy efficiency and country’s industrial energy efficiency. green buildings, drawing on Korea’s extensive experience and leadership in these areas. 28 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 29 Green Growth Innovation for Sustainable Development Bitgaram International Expo of Electric Power Technology (November 6–8, 2019) Technical knowledge exchange on solid waste management for Cambodian government officials (March 10–15, 2019) KEPCO hosted its annual flagship energy event, BIXPO, in Gwangju, Korea, in November 2019. The KGGTF and The KGGTF and the Korea office World Bank’s Energy and Extractives GP, led by Practice facilitated a knowledge exchange Manager Jie Tang and Senior Energy Specialist Inchul in South Korea in March 2019 for Hwang, and Eun Joo Allison Yi Program Manager of high level government officials KGGTF organized a World Bank Energy Forum jointly from Cambodia’s Ministry of with KEPCO at BIXPO, titled “Disruptive Energy Economy and Finance, Ministry of Technology Applications in Developing Countries.” In Environment, and Ministry of this forum, they invited nine high-level utility clients Public Works; Phnom Penh City from East Asia and the Pacific, Central Asia and Eastern Hall; and Siem Reap City Hall. Europe, and Africa to share insights on disruptive technologies adopted in their projects. During the The weeklong program consisted conference, the World Bank mission team met with various Korean energy institutions, including of site visits and peer-to-peer discussions on various aspects of SWM. The week was designed to KEPCO, KPX, the Korea Export-Import Bank (KEXIM), the Korea Institute for the Advancement of give participants a deep dive into South Korea’s enabling and regulatory framework for waste Technology (KIAT) and KETEP, to discuss further collaboration and partnerships. management; business models for SWM, including public-private partnerships (PPPs); state-of- the-art technology that integrates the Internet of Things into regular SWM operations and how this technology is being developed as part of urban planning and new city development; and the Environment and Natural Resources Management comprehensive management of a regional landfill. This activity was financed by a KGGTF grant. The World Bank’s Environment, Natural Resources and Blue Economy (ENB) GP finances operations Dissemination workshop on solid waste management in Cambodia (June 19, 2019) in the East Asia Region that help address natural resources management, solid waste and pollution, climate change and environmental risk challenges. Through the Korea Office, ENB staff are helping The World Bank’s ENB GP, the Korea to address environmental and climate change challenges in Cambodia, Philippines and Myanmar office and KGGTF organize a workshop in by providing innovative and digital solutions building on Korea’s experiences. Supported initiatives Phnom Penh, Cambodia, on June 19, include creating incentives and value streams for plastic waste reduction and recycling; geospatial 2019, that facilitated knowledge exchange applications in private-community forestry partnerships and solid waste management (SWM); and on SWM among Cambodian government geospatial and digital technologies, such as Internet of Things, in forest and landscape management. officials, development partners, and private sector representatives in Cambodia Sustainable Landscape and Ecotourism Project (P165344, US$54.4 Cambodia. The workshop followed up on a million, Cambodia) previous visit to Korea to learn about innovative approaches to SWM, and it The Cambodia Sustainable Landscape and Ecotourism Project promotes ecotourism as a driver to helped the Cambodian government boost the economic prosperity of rural communities and strengthen the management of natural understand the policies and technologies resources in Cambodia, including the country’s rich freshwater fisheries and forests. The project for SWM that could be relevant to their country. Informed by the knowledge exchange with their will also strengthen the value chains of the country’s nontimber forest products (NTFPs) to further Korean counterparts, the Cambodian government has decided to include a new World Bank- supplement rural incomes. Specific investments in improving connectivity and building financed project in its pipeline to support a new regional landfill incorporating similar SWM entrepreneurial skills for NTFPs and ecotourism will be undertaken, as will targeted investments to technology solutions. This technical assistance was funded by a KGGTF grant. strengthen the country’s Protected Area system, which safeguards a significant proportion of the country’s natural capital. Maurice Rawlins, the Natural Resource Management Specialist based in the WBG Korea office, supports the supervision of the project and will draw on the expertise of the Korea Forest Service for the project’s ecotourism components. 30 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 31 Green Growth Innovation for Sustainable Development Knowledge exchange for Myanmar and Vietnam to learn about Korea’s expertise in • An MOU was signed in July 2019 between the KMI, KGGTF and the ENB GP to support innovative fisheries (September 10–14, 2018 and September 18–25, 2019) and sustainable fisheries and maritime development. New partnerships have been formed with the Korea Forest Service. The first phase of the • With Just-in-Time funding and support from the KGGTF and the Korea office, The ENB GP teams in collaboration will involve working together in Myanmar to promote ecotourism, and the Myanmar and Vietnam partnered with the Korea Maritime Institute (KMI) and the Korea Marine partnership will eventually be expanded to a global level. Environment Management Corporation (KOEM) to arrange for representatives from Vietnam (September 10–14, 2018) and Myanmar (September 18–25, 2019) to visit Korea to learn about innovative technologies in fisheries aquaculture, marine pollution, and coastal resources management. The knowledge exchange helped convince the Myanmar government to request Global Land and Geospatial Information Infrastructure analytical and technical advisory support from the World Bank on aquaculture and supply chain The Global Land and Geospatial Unit of the World Bank’s Urban, Resilience and Land GP provides development; blue economy roadmap development; and monitoring, control, and surveillance of global solutions for land reform, land administration and geospatial information management to capture fisheries. The exchange also helped convince the country to pursue World Bank investment developing countries. The team in the Korea office manages several land administration and lending for its fisheries and blue economy. geospatial information management programs in the East Asia Pacific region. Geospatial information and technology have emerged as a major contributor to economic transformation and sustainable development and are critical for developing e-government, e-services and e-commerce policy, and smart cities, precision agriculture, combating climate change and disaster risk management. Vietnam Improved Land Governance and Database Project (P154387, US$150 million, Vietnam)  The World Bank’s Vietnam Land Administration Project (US$150 million) aims to: (a) improve the efficiency and transparency of land administration services in Vietnam; (b) establish and develop a multipurpose land information system and database for the country; and (c) provide sustainable project management, including monitoring and evaluation. Senior Land Administration Specialist Enhancing the Philippines’ climate resiliency through a national risk resiliency Kathrine Kelm of the Korea office, who co-manages the project, is coordinating land policy and program (November 20, 2019) legislative reform work, building on the work recently completed by the Korean Appraisal Board to introduce a modern land valuation methodology using computer-assisted mass appraisal Maurice Rawlins, the Natural Resource Management Specialist based in the WBG Korea office, co- technology. The project is also supporting the introduction of a land price digital data information led a multiyear technical assistance project in the Philippines (2017–2019) to help develop and system. implement reforms of national planning and budgeting for climate resilience. As part of the project, Mr. Rawlins helped organize a joint Philippines-World Bank high level workshop, “Accelerating Climate Investment through the Risk Resiliency Program,” in the Philippines in November 2019. Philippines Support for the Parcelization of Land for Individual Titles (P172399, The workshop enhanced awareness among national and local government stakeholders in the US$370 million, Philippines) Philippines of government actions that have enhanced climate resilience, including reforms of The World Bank’s new Land Administration Project (US$370 million) is the largest land lending policies, regulations, planning, and budgeting. operation. Senior Land Administration Specialist Kathrine Kelm of the Korea office the Task Team Leader (manager) of this new project under preparation with a fast track delivery. The project New partnerships with Korean institutions  development objective is to improve land tenure security and strengthen property rights of agrarian reform beneficiaries. The project will support acceleration of the ongoing government program for A statement of interest between the KOEM, KGGTF and the ENB GP is under development to • agricultural land titling and will seek to gain efficiencies through technology, workflow streamlining collaborate on integrated and sustainable management of coastal and marine areas. and increased stakeholder engagement. 32 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 33 Green Growth Innovation for Sustainable Development Finance, Competitiveness, and Innovation Global Geospatial Information Management Advisory Services (US$800,000, Seoul Center for Financial Sector Development Global)  The Seoul Center for Financial Sector Development, managed by the Finance, Competitiveness, and The Global Geospatial Information Management Advisory Services, funded by KGGTF, aim to help Innovation (FCI) team in the WBG Korea office, promotes financial sector stability of developing countries develop, integrate, and strengthen global geospatial information management through countries in EAP by supporting country programs and client-demanded engagements with technical the use of the Integrated Geospatial Information Framework (IGIF). Senior Land Administration assistance and capacity building, leveraging Korea’s financial sector development experience and Specialist Kathrine Kelm of the Korea office supports this global partnership with the United Nations expertise. In response to the Asian financial crisis of the late 1990s, Korea strengthened its financial Committee of Experts to help countries adopt IGIF, including by delivering training in selected system and related institutions to enhance financial soundness and stability. As a result, Korea was countries through the World Bank’s Korea Program for Operational Knowledge (KPOK) blended able to manage the impact of the global financial crisis of 2007–08 and emerge relatively unscathed. learning program. This project supported the preparation of country-level action and investment Given its experience, Korea is well positioned to serve as a bridge between developing and advanced plans in Cambodia, Mongolia, the Philippines, and Vietnam in partnership with Korea’s National financial sectors. The following are some notable partnership activities implemented by the Seoul Geographic Information Institute (NGII) and Land and Geospatial Informatix Corporation (LX). Center during the past year and a half. Workshop on “Expanding Korean geospatial information industry into the overseas Knowledge exchange on bond market development for Vietnam officials (August market” (November 30, 2018) 2018) Senior Land Administration Specialist Kathrine Kelm of the Korea office presented at a workshop The Seoul Center organized a study visit on Korea’s bond market development in Seoul and Busan titled “Expanding Korean Geospatial Information Industry into Overseas Market” hosted by the NGII. for the Vietnam Ministry of Finance and related institutions. Korea’s Financial Services Commission Around 25 industry representatives attended the event to learn more about international development (FSC), Korea Exchange, Korea Financial Investment Association, Korea Securities Depository, Korea work and the strategic IGIF established by the World Bank and the United Nations Committee of Asset Management Company (KAMCO), and Mirae Asset Daewoo provided related study sessions Experts on Geospatial Information Management. on Korea’s bond market development. The knowledge exchange contributed to important regulatory reforms in Vietnam to further develop its bond markets. KGGTF provides just-in-time support to integrated urban and regional development in Uzbekistan (January 30, 2019) Knowledge exchange on financial sector Early Warning System for Cambodia officials (December 5-7, 2018) The KGGTF and the World Bank’s Uzbekistan office cohosted a workshop in Tashkent to provide technical The Seoul Center organized a study visit to Seoul for 20 delegates from Cambodia’s Ministry of input and engage with their Uzbek counterparts Economy and Finance and the National Bank of Cambodia. The delegates learned about Korea’s concerning the Medium-Size Cities Integrated Urban successful experience in strengthening its Development Project. Approximately 100 participants Early Warning System through meetings with attended, including Uzbek government officials, Korea Center for International Finance, international technical experts, and representatives Financial Supervisory Service, and the Bank from the private sector. Participants engaged in of Korea. The knowledge exchange contributed technical discussions around urban and regional to Cambodia’s ongoing efforts to enhance its development, transportation, and logistics planning. financial stability framework. The Korea office manager Hoon S. Soh moderated a panel discussion and the Korea office Senior Land Administration Specialist Kathrine Kelm was a panel member. 34 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 35 Finance, Competitiveness, and Innovation Support to the World Bank’s Philippines financial sector work program (2019) Korea Fintech Week 2019 (May 23–25, 2019) The Seoul Center supported the World Bank’s Philippines financial sector work program by: (a) The Seoul Center coordinated with FSC and Fintech leading the dialogue and preparing the report “Financing Agriculture in the Philippines: Rethinking Center Korea to support the first Korea Fintech Week. Public Policy and Risk Management Instruments”; (b) conducting a major workshop at the Central From the World Bank, FCI’s Senior Financial Sector Bank of the Philippines on the Financial Sector Assessment Program; (c) participating in a mission Specialist Ivan Mortimer-Schutts presented a session to promote fintech development for micro, small and medium enterprises ; (d) sharing best practices titled “Perspectives on Regulatory Sandboxes and for the management of distressed assets with the Philippines Deposit Insurance Corporation, in Broader Approaches to Regulatory Reform,” and the collaboration with the World Bank’s Financial Sector Advisory Center (FinSAC); and (e) supporting World Bank’s Treasury’s Senior Financial Officer the consolidation of public credit guarantees in the Philippines. Yunjung Ha presented a session titled “Fintech Adoption in Global Capital Markets.” The FSC and the World Bank agreed to strengthen cooperation in the area of innovative finance and are discussing possible joint initiatives. Asia Regional Conference on Non-performing Loans Resolution in Kuala Lumpur (April 24–25, 2019) International Association of Deposit The Seoul Center, Malaysia Hub’s FCI GP, and FinSAC co-organized the Asia Regional Conference Insurers’ Regional Committee study on Non-Performing Loans (NPLs) Resolution in Kuala Lumpur, hosted by Bank Negara Malaysia. visit (September 2019) The event provided a platform for WBG client countries in Asia to strengthen their frameworks for addressing NPLs and building related capacity, including topics such as major trends in NPLs, Sameer Goyal, Program Manager for the policy actions taken by different countries, and experiences of advanced economies in the region. Seoul Center, presented a talk titled “Financial Two speakers from KAMCO and Korea Deposit Insurance Corporation (KDIC) shared their Safety Nets: Key Design Considerations” at experiences, supported by the Seoul Center. Two related technical notes are being finalized. the International Association of Deposit Insurers’ Asia-Pacific Regional Committee Knowledge exchange on insolvency for Mongolian officials (May 2019) study visit in Seoul, hosted by KDIC. The study visit explored the roles and responsibilities of financial safety net players, how relevant stakeholders could cooperate and share information, and the roles The Seoul Center organized a study visit to Korea of deposit insurers in the financial safety net system. for Mongolian civil court judges and officials from Mongolia’s Ministry of Justice and Home Korea Deposit Insurance Corporation’s Global Training Program (November 4, Affairs to support their efforts to reform the 2019) country’s insolvency regime. Korea’s Ministry of Justice, the Seoul Bankruptcy Court, the Judicial Sameer Goyal, Program Manager for the Seoul Center, delivered another lecture on financial safety Research and Training Institute, and NICE Credit nets and NPL resolution at KDIC’s fifth Global Training Program. The program was attended by Information Service shared their knowledge and deposit insurance–related agencies from 16 countries in East Asia and the Pacific, Africa, and South experience of Korea’s insolvency system and America. The World Bank is working with KDIC to practices. The knowledge exchange contributed to the drafting of a new insolvency law and related support the development of financial safety nets in regulations in Mongolia. less-developed countries by leveraging KDIC’s experience in operating deposit insurance systems and executing bank resolutions. 36 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 37 Finance, Competitiveness, and Innovation Korea Program for Operational Knowledge Seoul Center Partnership Trust Fund The Development Economics Knowledge and Strategy (DECKS) team in the Korea office manages KPOK, which is financed by the government of Korea. KPOK is a program to share development A major responsibility of the Seoul Center is to manage the Seoul Center Partnership Trust Fund, to operational knowledge, lessons learned and good practices and to support capacity building. KPOK support financial sector development in developing countries (see Table 4). The Seoul Center team leverages knowledge gained from Korea’s growth from a low-income country to a global economic works closely with country teams and Korean partners to develop customized programs to be power through a blend of online and face-to-face courses and workshops, case studies, and other supported by the trust fund. As appropriate, the team contributes to implementation of these grants activities. KPOK uses the World Bank’s Open Learning Campus (OLC), which provides online and and related country operational engagements. So far, 22 grants have supported 10 EAP country blended learning activities and opportunities to share development lessons among peers, and the programs and 4 regional initiatives. Global Delivery Initiative (GDI), which documents and shares practitioners’ experiences with development projects. Since the beginning of phase 2 of the Korea office, KPOK has organized Table 4. Seoul Center Partnership TF-supported FCI country and regional operations blended learning courses on Solid Waste Management, Digital Agriculture Technology and Road Safety. Grant Korean Project Country amount Objective Status partnership Solid Waste Management (June 17-21, 2019) (US$) Scaling up To help increase access to The OLC and the World Bank’s Urban, Resilience and Land GP (URL) collaborated with the Korea financial financial services by the BOK, FSS, Research Institute for Human Settlements (KRIHS) and the Global Knowledge Exchange and services for Myanmar 4,652,000 poor in Myanmar through Ongoing the poor KIDI Development Center (GKEDC) to organize the OLC-KPOK Knowledge Exchange on SWM (June 17– a wide range of advisory (phase 1 & 2) services 21, 2019). The workshop brought together 19 country clients from 6 countries or economies (El Salvador, Ghana, India, Nepal, Tanzania, and West Bank and Gaza) and 12 WBG staff participants. To promote the The participants completed the SWM e-learning course before converging in Korea to delve deeper Financial development of a more JPRI, JRTI, into specific topics such as global trends, financing, marine plastic, recycling, and the circular sector stable and efficient Lao PDR 2,320,000 KDIC, MOJ, Ongoing economy. The group also visited sites including Mapo Resource Recovery Facility, World Cup Park, development financial sector in Lao (phase 1 & 2) SBC PDR through advisory Sudokwon Landfill Site Management Corporation, and Songpa Resource Circulation Park. The OLC services developed both self-paced and facilitated e-learning courses to promote better understanding of To support the Cambodian SWM, focusing on the impact solutions have on economic development and environmental Financial protection. The courses attracted almost 800 learners globally. The GDI developed two delivery financial authorities in sector BOK, FSS, Cambodia 2,142,600 core areas of financial Ongoing notes, “Expanding Producer Responsibility for Waste Management in Korea from the Deposit development KCIF, KDIC (phase 1) sector modernization and Refund System to Extended Producer Responsibility” and “How the Volume-based Waste Fee Policy reform Increased Household Recycling Rates in South Korea,” which are concise versions of the existing To support building a Knowledge Sharing Program (KSP) case studies produced by the Korea Development Institute Financial sound, diversified, and sector Completed (KDI). inclusive financial system JRTI, KSD, development Mongolia 2,406,000 (end of support for Mongolia through a MOJ, SBC June 2019) (phase 1 & 2) wide range of advisory services Financial To support the Completed development Philippines’ financial Philippines 600,000 KDIC (end of and inclusion system development and (phase 1) Dec 2019) financial inclusion BOK = Bank of Korea; FCI = Finance, Competitiveness, and Innovation; FSS = Financial Supervisory Service; JPRI = Judicial Note:  Policy Research Institute; JRTI = Judicial Research and Training Institute; KCIF = Korea Center for International Finance; KDIC = Korea Deposit Insurance Corporation; KIDI = Korea Insurance Development Institute; KSD = Korea Securities Depository; MOJ = Ministry of Justice; PDR = People’s Democratic Republic; SBC = Seoul Bankruptcy Court. 38 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 39 Korea Program for Operational Knowledge Digital Agriculture Technology (August 26-30, 2019) Table 5. Korea Program for Operational Knowledge activities The Knowledge Exchange on Digital Agriculture (As of December 2019) Technology (August 26-30, 2019) brought together Korea Program Country Objective Deliverables six country teams involved in World Bank Agriculture partnership projects with digital technology components and 30 Open Learning Campus participants from the member countries of the e-Learning Global Help build technical capacities to OLC e-courses 3 bite-sized • ASEAN Food Security Information System (AFSIS) courses implement development solutions infused with e-courses Network. The Knowledge Exchange was organized by providing versatile and Korean cases 2 massive • together with the World Bank’s Agriculture GP and actionable courses online from more than open online the Korea Agency of Education, Promotion and Information Service in Food, Agriculture Forestry (including bite-sized, self-paced, 30 different courses and Fisheries (EPIS). The participants learned from global experts and Korean practitioners on facilitated, and massive open knowledge 8 self-paced • World Bank’s Digital Agriculture Framework, which is a framework for identify technology solutions online courses). providers e-courses 3 facilitated • for key agriculture challenges, and Agritech trends and enabling policies. At the end of the workshop, e-courses clients created action plans to incorporate the week’s learning in their ongoing projects which were presented for feedback from World Bank and Korean advisers. Also, OLC signed a learning Blended Global Help build technical capacities to • EPIS • Solid waste learning implement development solutions • GKEDC management partnership MOU with EPIS to build on the collaboration. programs by providing a combination of • KOTI • Digital online learning with face-to-face • KRIHS agriculture Road Safety (December 2-6, 2019) workshop sessions, site visits, • SMG technology peer-to-peer knowledge sharing, • Road safety On December 2-6, 2019, KPOK delivered and action-planning activities. a knowledge exchange on Road Safety Global Delivery Initiative together with the Transport Global GDI case Global Build an evidence base to facilitate • KOICA “Case study on • Practice, the Global Road Safety Facility studies and enable more effective construction of (GRSF) and the Korea Transport Institute implementation of development water (KOTI). This workshop benefitted six programs. GDI case studies use a impounding transport lending projects with road specific methodology to trace facilities in the safety components by hosting country clients and World Bank staff working on the projets. implementation processes, Philippines” examining delivery challenges and completed Participants learned from global and Korean experts on topics ranging from crash data risk analysis analyzing how teams address 5 case studies • and safe infrastructure to application of technology for safer vehicles. For road safety in rural area, them. in the pipeline the Village Zone Project was introduced through GDI, coupled with visits to two project sites. Country Delivery Global Build an evidence base to facilitate • KOTI 15 delivery • participants commented that Korean experience of reducing the fatalities on the road by almost 80 notes and enable more effective • KSP notes percent in less than three decades offered many lessons for developing countries. implementation of development programs. GDI Delivery Notes are shorter, bite-sized offerings with Partnership with Global Knowledge Exchange and Development Center more concise analyses of delivery challenges and how project teams The GKEDC is partnering with KPOK to jointly deliver select OLC and GDI activities under KPOK. The worked to overcome them. GKEDC was launched by the government of Korea in 2018 to serve as a hub for global knowledge EPIS = Korea Agency of Education, Promotion, and Information Service in Food, Agriculture, Forestry, and Fisheries; GDI Note:  sharing about Korea’s economic development experience. The main objectives of the GKEDC are (a) = Global Delivery Initiative; GKEDC = Global Knowledge Exchange and Development Center; KOICA = Korea International furthering Korea’s research on the international development agenda, (b) organizing exhibitions of Cooperation Agency; KOTI = Korea Transport Institute; KRIHS = Korea Research Institute for Human Settlements; KSP = Korea’s development history and related research, and (c) delivering capacity-building programs Knowledge Sharing Program; OLC = Open Learning Campus; SMG = Seoul Metropolitan Government. that leverage the research and exhibitions’ contents. 40 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 41 Fragility, Conflict, and Violence FCV staff in the WBG Korea office support the core deliverables of the FCV Group, including: (a) The FCV team is discussing with KT analytical studies and country support aimed at strengthening the Bank’s FCV-sensitive strategies on the potential use of geospatial and operations in FCV settings; (b) operationalization of crisis risk management initiatives such as technology in FCV countries. The FCV the Famine Action Mechanism (FAM), an integral part of the Global Crisis Risk Platform (GCRP); and team is also represented on an expert (c) promotion of innovative engagements in FCV. Also, FCV staff in Korea engage in building advisory group established by KOICA partnerships with Korean development partners and stakeholders on FCV issues and support the in November 2019 to strengthen Secretariat of the Korea Trust Fund for Economic and Peace-Building Transitions (K-FCV), which is KOICA’s development impact FCV based in the World Bank headquarters in Washington, DC., by facilitating partnerships to promote countries and on SDG 16 on peace, innovative approaches for K-FCV financed initiatives. K-FCV was established in 2009 to foster justice and strong institutions. collaboration between Korea and the WBG to support development in FCV countries and innovative state-building and peace-building efforts. The 12th Seoul ODA International Conference (September 2018) Initiatives supported by FCV staff in WBG Korea office include the development of knowledge and new approaches to address FCV issues in middle income countries (MICs). This initiative will Patrick Barron, World Bank FCV Advisor in Asia based in Myanmar, presented at “The 12th Seoul leverage Korean expertise through the advisory group which will provide expert advice and peer ODA International Conference: Inclusive ODA for Global Peace, Democracy and Human Rights” to review on key deliverables. FCV staff has also conducted a review of the WBG’s experiences using introduce the WBG’s approaches to working in FCV situations. This international conference was conflict filters to support portfolios and projects to identify and address conflict risks and identify attended by more than 800 representatives from government, academia, private sector, NGOs, and opportunities for projects to contribute to peacebuilding. FCV staff in the Korea office also part of the civil society organizations, including Sung-Soo Eun, former president and chairman of Export- core team for the operationalization of the World Bank’s Famine Action Mechanism (FAM), which is Import Bank of Korea and current Chairman of the Financial Services Commission, and Hyun Cho, an integral part of the Global Crisis Risk Platform (GCRP). Many of these initiatives are being former Vice Minister, Ministry of Foreign Affairs and current ambassador to the United Nations. The supported by the K-FCV. FCV Group’s participation paved the way to further strengthening collaboration with KOICA. Dissemination of the UN-WB joint report – Pathways for Peace: Inclusive Approaches Facilitating Korean Partnerships and Knowledge Exchange to Preventing Violent Conflict (October 22-23, 2018) on FCV Issues In October 2018, a joint UN-World Bank team visited Seoul to disseminate the United Nations-World Bank joint report, Pathways for Peace: Inclusive Approaches to Preventing Violent Conflict. The FCV staff in Korea, together with event took place at Yonsei University, and was co-hosted by the World Bank, the UN, and the Institute interested WB project teams, are for Global Engagement and Empowerment at Yonsei University, and co-sponsored by the Ministry working to identify relevant of Economy and Finance, the Ministry of Foreign Affairs, and the K-FCV. The event reached about partnership opportunities with Korean 150 participants from across government, international organizations, academia, research institutions for in-bound and out- institutions, civil society, and the NGO community. Discussions highlighted the importance of bound knowledge exchanges. The prevention approaches in the East Asia region and Korea’s role in implementing the prevention FCV Korea team is in dialogue with approach across humanitarian, development, and peace actors. several Korean institutions, such as the Korea Institute for International Economic Policy (KIEP), the Korea International Cooperation Agency, Korea International Cooperation Agency (KOICA), the Global Compact Network Korea (GCKN), Korea Telecom (KT) and Yonsei University. The team presented the World Bank’s approaches to FCV at a KIEP seminar and on the private sector contribution to conflict-affected countries at a roundtable co-organized with GCKN. 42 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 43 Fragility, Conflict, and Violence Education Stakeholder Consultations in Korea on the WBG’s Fragility, Conflict and Violence Developing countries have a strong interest in learning from Korea’s extensive and successful corporate strategy (May 27-30, 2019) experience in investing in education, skills development, and scientific research capacity. The Education GP in the Korea office helps satisfy this interest by working with Korean partners to The FCV Group conducted multi-stakeholder consultations in Korea on the FCV strategy. support developing countries in East Asia and the Pacific, Africa, and South Asia to build human Representatives of the Korean government, civil society organizations, academia, and the private resource capacity to prepare workers for the digital economy and to strengthen science and sector provided suggestions and recommendations on the WBG’s proposed approach to its future technology capabilities. work in FCV context as outlined in the FCV Strategy concept note. Globally, feedback was received from over 1,700 individual stakeholders in 88 countries and territories through in-person meetings 2018 ASEAN+3 Human Resources Development Forum: (November 13–15, 2018) and online. These consultations help shape the strategy by taking stock of lessons learned across the international community on key issues such as partnering across the humanitarian- With support from the Korea-World Bank development-peace nexus, leveraging regional approaches to address fragility, and helping Group Partnership Facility (KWPF), the countries manage risks and transition out of situations of fragility. Following the consultation, the World Bank has been jointly organizing FCV Group also organized a technical workshop in Korea to introduce the WBG’s approaches to FCV since 2015 an international forum with affected situations. The workshop led by Practice Manager Sarah Michael and Senior Operations Korea’s Ministry of Employment and the Officer Bernhard Metz provided an overview of the World Bank’s global commitments and Labor and the Human Resources approaches in addressing FCV situations, and specifically focused on Risk and Resilience Development Service of Korea (HRD Korea) Assessments and Geo-enabled Monitoring and Supervision (K-FCV ASA: Systematic Implementation on education and skills development. The of ICT-based Support for FCV). The workshop was attended by around forty participants from the 2018 forum aimed to address how the Export-Import Bank of Korea, Korea International Cooperation Agency, universities, and NGOs and Association of Southeast Asian Nations (ASEAN)+3 (the ASEAN countries plus China, Japan, and CSOs which are currently working on FCV situations. Korea) can coordinate and collaborate on human resource development to prepare for the Fourth Industrial Revolution (4IR). The forum highlighted skills training critical to seize the opportunities Facilitating Partnerships and Knowledge Exchange on Frontier Agriculture in FCV and address the risks of intelligent automation and the need for investments and knowledge sharing in the region to prepare for the future of work. The forum also included a study visit to the Smart Contexts (August and December 2019) Farm Training Center and PNI Company (a digital technology intellectual property company), which As part of the “Water-saving, climate smart frontier agriculture in Africa’s FCV context” project showcased employer-driven training in close cooperation with universities and industry. supported by the K-FCV, the team of experts led by Dorte Verner, Lead Agriculture Economist, visited Korea in August and December 2019 to learn about its insect industry and the potential to use Webinar series on the future of skills development and job creation in East Asia and insects for food and animal feed. In partnership with the Rural Development Administration, the Pacific countries (March–July 2019) team visited various insect farming sites and processing facilities. To discuss more in-depth the priorities emerging from the ASEAN+3 HRD forums and to foster country-level dialogue, a webinar series was delivered on the following topics: (a) identifying skills gaps in EAP countries, (b) national qualification systems and national competency standards, (c) promoting school and industry linkage, (d) bridging skills gaps by curriculum and pedagogy reforms, and (e) lifelong learning and advanced technology. On average, 50 participants from more than 13 countries participated in each webinar to share preliminary findings from the latest research and foster policy discussions. 44 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 45 Education Skill development mission to South Korea for public officials from India (September Partnership for skills in Applied Sciences, Engineering and 2019) Technology (PASET) To build on the partnership and formalize the knowledge sharing provisions under KWPF, a mission The Partnership for skills in Applied Sciences, Engineering, and Technology (PASET) was launched was organized in Seoul, Korea for senior Indian officials from the Ministry of Skill Development and in 2013 by African governments, supported by the World Bank, to address systemic gaps in skills Entrepreneurship, National Skills Development Corporation, State and District officials and Sector and knowledge in priority applied sciences, engineering, and technology fields in Africa and to build Skill Councils. The delegates visited HRD Korea, Seoul Regional Council, Polytechnics and Korean the capacity of African education and training institutions to train high-quality technicians, engineers, Employment Information Service (KEIS) to learn from Korea’s experience with decentralized and scientists to meet the demands of the new economy. Korea has been supporting PASET through implementation of the skills development programs and the associated management information various activities by KWPF including knowledge exchange forums, study tours, technical assistance system. programs and PASET’s regional initiatives. Korea overall has been a close partner of PASET since 2013 and has provided financial and technical support to build science and technology tertiary 2019 ASEAN+3 Human Resources Development Forum (October 29–30, 2019) education and professional capacity in Africa. In particular, KDI, through the MOEF supported Knowledge Sharing Program (KSP), provided technical assistance and policy recommendation on The 2019 ASEAN+3 HRD forum was held in Busan, Korea, and focused on innovations in skills the HRD, Technical and Vocational Education and Training (TVET) and Science, Technology and development in the era of the 4IR. Over 100 people from 19 countries attended, including government Innovations (STI). In 2015, PASET established the Regional Scholarship and Innovation Fund (RSIF) officials from both education and labor sectors, and international organizations including the World to support the training of a critical mass of African PhD candidates and postdoctoral fellows and to Bank, Asian Development Bank, and International Labor Organization, as well as academic experts help build research and innovation capacity in Africa in priority areas, such as information and from around the world. The Forum introduced a series of innovative initiatives in skills development communication technologies and food security and climate change. The RSIF is currently funded by such as adaptive learning, gamification and active learning platform to promote new approaches to contributions from the Government of Korea, the World Bank, and African governments. design and implement human resources development. The World Bank also shared key research findings and introduced a standard framework to assess and benchmark national TVET systems. Korea commits to provide US$10 million to RSIF to support strengthening of Africa’s science and technology capacity (May 23, 2018) The Government of Korea signed MOUs with the World Bank to provide a US$10 million grant to support the RSIF and strengthen the on-going partnership to build Africa’s technical and scientific capacity. The grant from the Government of Korea will help expand PhD scholarships and research support to students and university faculty working on transformative technologies across Sub-Saharan Africa. It will also integrate cross-country knowledge exchange by enabling collaborative research between faculty in Sub-Saharan Africa universities and Korean institutions in priority areas such as information and communication technology, solar energy, energy storage, and materials engineering with a focus on the innovative growth sectors. 46 | FY19 Annual Report World Bank Group Korea Office World Bank Global Practices and Themes in the Korea Office | 47 Education FY19 ANNUAL REPORT WORLD BANK GROUP KOREA OFFICE PASET Memoranda of Understanding with Korean institutions (May 2019) During the fifth PASET Forum in Kigali, Rwanda, PASET signed agreements with the Korea Institute of Energy Research, the Korea Research Institute of Chemical Technology, and the Institute of Green Bio Science and Technology of Seoul National University to join the RSIF program and train African science and technology PhD candidates for upto 2 years as part of the “sandwich” training component. The three Korean institutions joined the Korea Institute of Science and Technology (KIST), which accepted the first batch of African PhD students under the RSIF program in 2019. The agreement to join the RSIF program was preceded by a workshop organized in Korea in February 2019 that shared information on PASET and RSIF and on KIST’s participation in the program. Supporting the Korean Private Sector with Emerging Market Opportunities International Finance Corporation •  Multilateral Investment Guarantee Agency •  48 | FY19 Annual Report World Bank Group Korea Office International Finance Corporation (IFC) The International Finance Corporation (IFC) engages with the Korea’s private sector to identify and Financial institutions support investment opportunities in developing countries. IFC is in discussions with multiple Korean sponsors regarding projects in countries such as Bangladesh, India, Indonesia, Myanmar, Pakistan, IFC has engaged in frequent dialogue with Korean financial institutions to address their interest in Vietnam and Uzbekistan, some of which are countries in fragility, conflict, and violence–afflicted Southeast Asian markets and mobilization opportunities. IFC supported Korean clients in three (FCV) situations and International Development Association (IDA) countries. The IFC Korea office projects this fiscal year, and various financing instruments offered by IFC have been used by Korean has hosted 36 IFC staff members on 32 missions to closely interact with Korean sponsors. IFC is sponsors. building a pipeline of investment opportunities across a variety of sectors, including power, KEB Hana Microfinance Equity and Loan (Myanmar): On July 13, 2018, IFC signed a local • manufacturing and services, financial institutions, and venture capital (VC) and startups. currency equivalent loan of up to US$10 million to KEB Hana Microfinance Limited (KHMF), a deposit-taking microfinance company in Myanmar and a 100 percent subsidiary of KEB Hana Infrastructure Bank. IFC’s loan will support KHMF’s growth of its micro- and very small enterprise loan portfolio, which aims to increase financial inclusion and reduce poverty in Myanmar. IFC will IFC signed two investment projects with Korean sponsors in fiscal year 2019, overcoming significant continue discussions with Hana Financial Group on additional equity financing in the future. challenges from long lead times and complexities in emerging markets, particularly in FCV • KEB Hana Indonesia (KHI) Rights Issue IV: KHI underwent a capital increase to further develop countries. IFC continues to build a robust pipeline of projects, collaborating closely with Korean its digital banking services and to form a strategic partnership with LINE, one of Indonesia’s sponsors from the early stages of project development. leading mobile messenger services and a subsidiary of Naver (Korea’s leading internet portal). Daehan Wind Power Project (Independent Power Producer (IPP] in Jordan): Daehan Wind • Through this rights issuance, LINE has become a 20 percent shareholder in KHI. Under the Power Co., PSC, a joint consortium between Korea Southern Power Co., Ltd, and Daelim partnership, KHI and LINE will provide deposit and microcredit products as well as remittance Energy Co., Ltd, is developing a 51.75 megawatt (MW) wind farm in Jordan’s Tafila Governorate. and payment services in Indonesia. They will also seek to improve credit rating models through Daehan Wind Power will generate 153 gigawatt hours (GWh) annually for sale to the National projects with local and international rating agencies and to create an identity verification Electric Power Company under a 20-year power purchase agreement. The total project cost is process, such as e-KYC (know your customer), optimized for local regulations. On April 4, 2019, estimated at US$101 million, with IFC providing US$13 million in an A loan and US$61.7 million IFC signed an agreement to participate in KHI’s equity issuance. KHI issued US$150 million in in a parallel loan. IFC structured and arranged the senior debt as well as an equity bridge loan equity, and IFC subscribed its prorated share of rights at a total subscription amount of US$15 of US$26 million and provided interest rate swaps for half of the financing package. IFC signed million. on to the project on September 18, 2018. Phnom Penh Commercial Bank (PPCB) Risk Sharing Facility (Cambodia): On June 7, 2019, • Upper Trishuli-1 hydro project (public-private partnership (PPP] in Nepal): Nepal Water and • IFC signed an agreement to provide a risk-sharing facility to PPCB, a subsidiary of JB Financial Energy Development Company (NWEDC), a joint venture with Korean sponsors Korea South- Group and the tenth largest commercial bank in Cambodia. Under this facility, IFC and PPCB East Power Co., Ltd. (KOSEP), Daelim Industrial, and Kyeryong, is developing the 216 MW will each cover 50 percent of the risk on an eligible small and medium enterprise portfolio of Upper Trishuli-1 hydro project in Nepal’s Rasuwa district. IFC InfraVentures codeveloped the up to US$30 million. Over the next five years, PPCB expects to extend about 5,500 loans, worth project scheme between 2012 and 2015, investing US$4.25 million in the project in exchange US$520 million, to very small, small, and medium enterprises, including woman-owned ones. for 15 percent shareholding. IFC is reviewing to invest an A Loan of up to US$90 million and equity of up to US$12.5 million from its own accounts, including its existing equity investment Manufacturing, agriculture, and services (MAS) and venture capital and startups through IFC InfraVentures, and up to US$12.5 million in its capacity as the implementing entity of various donor facilities. The transaction was closed on November 1, 2019. IFC has significantly increased its profile among manufacturing and services companies as well as VC and startups in Korea. IFC has encouraged Korean sponsors to explore investment opportunities not only in Asia but also in Africa and Latin America via conferences such as the IFC Innovation Day and the D.DAY X IFC Demo Day. IFC is currently in discussions with Korean sponsors regarding opportunities in various sectors, such as pharmaceuticals, seeds, and natural resources. 50 | FY19 Annual Report World Bank Group Korea Office Supporting the Korean Private Sector with Emerging Market Opportunities | 51 International Finance Corporation (IFC) Outreach and partnership IFC and D.CAMP co-host D.DAY to engage young entrepreneurs (March 20, 2019) IFC has presented and participated in more than 18 conferences and seminars, including the Green At the D.DAY (a monthly event at D.Camp where Climate Fund’s (GCF) Private Investment for Climate Conference; the Korea Trade-Investment start-ups compete to introduce their business Promotion Agency’s (KOTRA) Multilateral Development Bank (MDB) Plaza Conference; and the models and receive a co-working space or Institute for Global Economics’ (IGE) Busan International Financial Conference, “Fintech Pioneers investments) event cohosted by IFC and D.CAMP in Asia” (see table 6), to increase awareness of IFC and to share the strategic advantages of IFC (Banks Foundation for Young Entrepreneurs), co-investments with Korean corporations. These outreach initiatives have allowed IFC to build a Korean start-ups showcased their creativity and diverse investment pipeline. Speeches and presentations by senior level IFC members have competitiveness and affirmed that digital attracted strong interest, including extensive media coverage. Even so, there is still great potential solutions could address challenges in real time to further improve awareness of IFC partnerships with Korean manufacturing, agriculture, and and benefit people in emerging markets. Joon Young Park, former IFC resident representative in services (MAS) companies. IFC plans to strengthen its engagement with these companies, which Korea (IFC regional portfolio manager for financial institutions group from Mumbai), indicated that, are central to the Korean economy, and to facilitate their investments and expansion into emerging “D.CAMP has a strong engagement with the Korean startups, and IFC can help startups to enter markets, including FCV countries. emerging markets.” Nine startups, which had competitive technology and creative ideas in education, healthcare, finance, and agriculture, presented their business plans for possible funding and received advice from a panel of experts. IFC Innovation Day discusses jobs of the future (October 23, 2018) The third IFC Innovation Day organized by IFC Korea brought together Korean and international 4th IFC Innovation Day: Connecting Korean Fintechs with Asia (November 11, 2019) thought leaders, entrepreneurs, and venture capitalists in Seoul. These attendees shared insights on creating jobs and healthy entrepreneurship The fourth IFC Innovation Day conference organized by the IFC of the Korea office focused on Korea’s ecosystems in Asia, especially in a rapidly aging fintech startup industry and its potential to impact the unbanked Asian emerging markets. The population environment. Speaking as a panelist, forum brought together global and local fintech experts and entrepreneurs and leaders from the WBG Korea Office Special Representative Hoon financial institutions, think tanks and government agencies, including four portfolio companies Sahib Soh stressed that with an aging and declining from China, India, and Vietnam. Rosy Khanna, IFC regional industry director for financial institutions population, countries like Korea need to maximize group based in Singapore, Randall Riopelle, IFC country manager for China, Mongolia and Korea the use of their high-quality labor force, including from Beijing and Joon Young Park, IFC regional portfolio manager for financial institutions group their female workers. from Mumbai (and former IFC resident representative in the Korea office) participated in the event to share IFC’s insight in the financial industry and fintech sector. From the WBG Korea office, Youjin Choi, Financial Sector Specialist of the FCI GP, presented WBG Findex Report findings on financial IFC-MIGA-KEXIM-KIND joint workshop (February 2019) inclusion gaps in Asia. Hoon Sahib Soh, Special Representative (Country Manager) of the WBG Korea office, moderated the panel session on promoting Korean fintechs, and Sameer Goyal, On February 20, 2019, IFC, along with the Multilateral Investment Guarantee Agency (MIGA), the Program Manager for Seoul Center for Financial Sector Development, joined the panel to add that Korea Export-Import Bank (KEXIM), and the Korea Overseas Infrastructure and Urban Development World Bank is focusing on extending financial services to the underserved in developing countries. Corporation (KIND), hosted a workshop on emerging market infrastructure project development. The four institutions each presented their strategies and financing instruments for infrastructure projects in emerging markets. They also jointly presented on market updates, key focus areas, and recent infrastructure projects in key emerging markets surveyed by Korean sponsors. The seminar was attended by nearly 100 participants from Korean engineering and construction companies that are actively developing infrastructure projects in emerging markets. IFC plans to continue supporting the WBG’s Mobilizing Finance for Development initiative by encouraging Korean sponsors and investors to develop projects in emerging markets. 52 | FY19 Annual Report World Bank Group Korea Office Supporting the Korean Private Sector with Emerging Market Opportunities | 53 International Finance Corporation (IFC) MDB Project Plaza 2019 (November 25, 2019) Name of event Host/organizer Description of activities On November 25th, 2019, KOTRA hosted the Korea International Startups meet IFC introduced itself and elaborated on its VC Trade Association and “MDB Project Plaza 2019” forum in Busan. Grownups arm’s investment activities and strategic focus German Chamber of Five MDBs and KEXIM, 25 project owners (October 2018) areas. Commerce from ASEAN countries, and over 50 Korean International companies joined the forum. Jiyeon Janice IFC’s senior human resources business partner Financial Institutions Ryu, Resident Representative of the IFC Korea MOEF presented on IFC and interviewed potential job Career Fair candidates during the career fair. office, gave one of the keynote speeches (November 2018) regarding Infrastructure Development with IFC’s Infrastructure and National Resources Asia MDBs. She pointed out challenges faced by and the Pacific director delivered the keynote KOTRA MDB Plaza Korean companies in the maturing domestic speech. The IFC Korea team attended seminars Conference KOTRA and provided one-on-one consultations to Korean market and opportunities in growing ASEAN (November 2018) companies interested in developing emerging- economies. She also highlighted IFC’s value-added offerings including Private Sector Window market projects. (PSW) facilities, which enable IFC to crowd in private investments and help create markets in PSW Speech on Impact eligible countries. Investments at IFC’s resident representative presented on impact Root Impact Heyground investments. (November 2018) Table 6. Outreach and engagement activities of the IFC Korea office Overseas Port IFC’s resident representative presented on port Development Ministry of Oceans Name of event Host/organizer Description of activities infrastructure development in emerging markets Conference and Fisheries and on IFC’s financing support. KHNP Global Strategy IFC presented an overview of the institution and (November 2018) Office Seminar KHNP explained the financing tools provided for its Roundtable lunch The IFC Korea office and IFC AMC hosted a (September 2018) clients and its business in Korea. with Korean roundtable lunch with Korean institutional IFC AVCJ Private Equity institutional investors investors to discuss opportunities for Korean The IFC Korea office attended this forum to meet (November 2018) limited partner investors in IFC AMC funds. and Venture Forum – AVCJ with Korean institutional investors interested in Korea overseas investments. ASEAN Connectivity (September 2018) IFC’s resident representative moderated a panel Forum ASEAN-Korea Centre session during the forum. IFC presented on how it can cofinance water (November 2018) Water Business Ministry of Foreign projects (including sanitation, sewage, and water Forum Corporate Affairs infrastructure) in developing economies along with American Chamber IFC’s resident representative participated as a (September 2018) Governance in Korea Korean sponsors. of Commerce panelist. (November 2018) D.PARTY: Global IFC’s resident representative introduced IFC and Representatives from IFC, MIGA, KEXIM, and KIND Connection D.CAMP elaborated on its VC arm’s investment activities IFC-MIGA-KEXIM- IFC, MIGA, KEXIM, introduced financing tools, strategic priorities, and (September 2018) and strategic focus areas. KIND Joint Workshop KIND outlooks on key emerging markets surveyed by (February 2019) The IFC Korea office hosted the third IFC Korean infrastructure sponsors. IFC Innovation Day IFC Innovation Day, focusing on the theme “Jobs of the (October 2018) IFC partnered with D.CAMP to cohost a demo day Future.” D.DAY X IFC IFC and D.CAMP where Korean startups presented their business (March 2019) GCF Private and overseas expansion plans. IFC’s chief investment officer and the IFC resident Investment for GCF representative participated as panelists discussing Busan International Climate Conference IFC’s Regional Director for East Asia and the green climate investments in emerging markets. Financial Conference IGE (Korea) (October 2018) Pacific delivered the keynote speech at the event. (May 2019) 54 | FY19 Annual Report World Bank Group Korea Office Supporting the Korean Private Sector with Emerging Market Opportunities | 55 International Finance Corporation (IFC) Multilateral Investment Guarantee Agency (MIGA) The MIGA team in the Korea office promotes Korean investments in emerging markets by providing Name of event Host/organizer Description of activities guarantees to reduce investments risks and enhance credit terms. In addition, as one of MIGA’s IFC invited Korean sponsors who have operations regional hubs in Asia, the MIGA Korea office worked on inbound investments in other Asian countries, FCV Roundtable IFC or have explored opportunities in FCV countries to (May 2019) including India, Mongolia, Nepal, and Pakistan. The MIGA Korea office worked closely with the deal a roundtable with WBG’s FCV team. teams in Washington, DC, on pipeline projects involving Korean companies, including hydropower Bangladesh Sudipta Husain, Investment Officer with South projects in Nepal and the Solomon Islands and an industrial park in Myanmar. These transactions Infrastructure Asia INR team, represented IFC by presenting on have made significant progress and are expected to close by the end of FY20. In addition, MIGA has Investment Promotion KEXIM “Infrastructure Financing: IFC Perspective” and Conference been in discussions with several investors for additional leads in the power and infrastructure attending 1 on 1 meetings with Korean sponsors. (July 2019) sectors in the East Asia and the Pacific, South Asia, and Latin America and the Caribbean regions. D.CAMP IFC2019 IFC presented on its VC and startup investment Weekend D.CAMP activities and strategic focus areas. Upper Trishuli-1 hydropower project (US$87.4 million, Nepal) (October 2019) GCF Private In December 2019, MIGA issued a guarantee in the amount of US$87.4 million to support the IFC resident representative participated as Investment for GCF panelists discussing green climate investments in development, construction, operation, and maintenance of a 216 MW, run-of-the-river hydroelectric Climate Conference emerging markets. power plant on the Trishuli River, about 70 kilometers north of Kathmandu. The guarantee will (October 2019) provide protection for up to 15 years on equity by KOEN into the NWEDC against the risk of breach The IFC Korea office hosted the fourth IFC IFC Innovation Day of contract. Along with other Korean sponsors, KOEN demonstrated an extraordinary commitment IFC Innovation Day, focusing on the theme (November 2019) “Connecting Korean Fintechs with Asia.” to the project, developing it for more than seven years despite a 7.9 magnitude earthquake in 2015 2019 International IFC’s resident representative and senior human that devasted the project site and surrounding communities. Financial Institutions resources business partner presented on IFC and MOEF Career Fair met with potential job candidates during the (November 2019) career fair. Merli Baroudi, director for economics and sustainability, visited Korea (October MDB Project Plaza IFC’s resident representative presented a keynote 6–8, 2019) 2019 Forum KOTRA speech regarding Infrastructure Development with (November 2019) MDBs. Merli Baroudi, MIGA’s director for economics and sustainability, visited Korea on October 6–8, 2019, to participate as a speaker at the Private Investment for Climate Conference hosted by the GCF in AMC = Asset Management Company; ASEAN = Association of Southeast Asian Nations; FCV = fragility, conflict, and Note:  violence; GCF = Green Climate Fund; IFC = International Finance Corporation; IGE = Institute for Global Economics; KEXIM Incheon. In the session “Climate-Resilient Infrastructure: De-risking and Overcoming Market = Korea Export-Import Bank; KHNP = Korea Hydro Nuclear Power; KIND = Korea Overseas Infrastructure and Urban Barriers,” Ms. Baroudi showcased examples of best practices for climate adaptation and resilience Development Corporation; KOTRA = Korea Trade-Investment Promotion Agency; MDB = multilateral development bank; MIGA = Multilateral Investment Guarantee Agency; MOEF = Ministry of Economy and Finance; VC = venture capital; WBG = that MIGA was able to promote by working closely with governments and clients. World Bank Group. 56 | FY19 Annual Report World Bank Group Korea Office Supporting the Korean Private Sector with Emerging Market Opportunities | 57 Multilateral Investment Guarantee Agency (MIGA) Contact List Vice President and Chief Operating Officer S. Vijay Iyer’s visit to Korea (July 21–23, 2019) Korea Office Seoul Satellite Office (IFC & MIGA) S. Vijay Iyer, MIGA’s vice president and chief operating 37F. Boo Young Songdo Tower 2, 241 Incheon Seoul Global Center, Seorin-dong 64-1, officer, visited Korea on July 21–23, 2019. He met Towerdaero, Yeonsu-gu, Incheon, Korea Jongno-gu, Seoul, Korea with the MOEF, the KIND, and both private and public +82-32-713-7000 +82-2-6975-3000 sector companies to discuss ongoing projects and webkorea@worldbank.org ifc.org/korea potential pipeline transactions. worldbank.org/korea ifckorea@ifc.org Hoon Sahib Soh Special Representative (Country Manager) Outreach and engagement activities of the Multilateral Investment Guarantee Table 7.  Agency Korea office COUNTRY MANAGEMENT UNIT FCI Name of event Host/organizer Description of activities Jiwon Lee | Operations Officer Sameer Goyal | Program Manager Min Jae Kang | Executive Assistant Kyung Kyun Park | Senior Financial Sector Specialist Global Infrastructure MOLIT, International Presented MIGA’s products and recent projects Bojeong Choi | Team Assistant Youjin Choi | Financial Sector Specialist Cooperation Contractors that MIGA supported Soyoun Jun | Team Assistant Ryosun Jang | Consultant Conference Association of Korea Jessie Eunyeong Choi | Administrative Assistant MDB Project Plaza MOEF, MOLIT, KOTRA Provided one-on-one sessions to Korean Samran Choi | Administrative Assistant 2018 corporations FCV Byung Gwan Kim | Administrative Assistant KEXIM Seminar for KEXIM Presented on how financial institutions can use Dawoon Donna Chung | Senior Program Officer Minkyung Kim | Consultant Financial Institutions MIGA’s products for overseas investments Suh Yoon Kang | Operations Officer Soo Yeon Lim | Consultant KEXIM Joint KEXIM, IFC, MIGA, Presented MIGA’s products and the value they can Morana Song | Communications Consultant Workshop KIND add to Korean investors EDUCATION KOTRA Global KOTRA Presented MIGA’s support for fragile and conflict- GREEN GROWTH INNOVATION Hayeon Kim | Education Consultant Project Plaza 2019 affected states Inchul Hwang | Senior Energy Specialist KIND First KIND Moderated a panel discussion on furthering Kathrine Kelm | Senior Land Administration Specialist IFC Anniversary Korean overseas investments Maurice Andres Rawlins | Natural Resources Jiyeon (Janice) Ryu | Resident Representative Ceremony Management Specialist Liz (Liseul) You | Investment Officer IFC = International Finance Corporation; KEXIM = Korea Export-Import Bank; KIND = Korea Overseas Infrastructure and Note:  Hanul Oh | Operations Analyst Jaejin Lee | Investment Officer Urban Development Corporation; KOTRA = Korea Trade-Investment Promotion Agency; MDB = multilateral development bank; MIGA = Multilateral Investment Guarantee Agency; MOEF = Ministry of Economy and Finance; MOLIT = Ministry of Bola Ju | Land and Geospatial Consultant Han Jae Lee | Investment Analyst Land, Infrastructure, and Transport. Eunji Shin | Environmental Consultant Haejin Allison Chun | Program Assistant Ashley Nam | Communications Consultant KPOK Jisun Kim | Senior Program Coordinator MIGA Jung Yoon Heo | Administrative Assistant Jae Hyung Kwon | Representative, Sun Young Park | Program Assistant Head of North Asia Hye-Jung Hwang | Consultant 58 | FY19 Annual Report World Bank Group Korea Office Contact List | 59 37F, Booyoung Songdo Tower 2, 241 Incheon tower-daero, Yeonsu-gu, Incheon, Korea T. +82 (0)32 713 7000 E. webkorea@worldbank.org www.worldbank.org/korea www.worldbank.org