World Bank Group Korea Connecting Innovation and Development 1 Contents ABBREVIATIONS AND ACRONYMS 02 INTRODUCTION World Bank Group and Korea Partnership 04 Connecting Innovation and Development 06 MAIN AREAS OF ENGAGEMENT 08 1. Green Growth Innovation 09 1.1. Energy and Extractives 10 1.2. Environment, Natural Resources and 13 Blue Economy 1.3. Urban, Resilience and Land 16 2.  Finance, Competitiveness and Innovation— 18 Seoul Financial Center 3. Fragility, Conflict, and Violence 22 4. Korea Program for Operational Knowledge 26 5. Education 30 6. IFC Korea 33 7. MIGA Korea 36 PARTNER WITH US 38 CONTACT LIST 40 2 Abbreviations and Acronyms APEC Asia-Pacific Economic Cooperation ASEAN Association of Southeast Asian Nations BIXPO Bitgaram International Exposition of Electric Power Technology BOK Bank of Korea DAT Digital Agriculture Technology DEC Development Economics EDCF Economic Development Cooperation Fund ENB Environment, Natural Resources and Blue Economy FCI Finance Competitiveness and Innovation FCV Fragility, Conflict and Violence FSC Financial Services Commission FSS Financial Supervisory Service GDI Global Delivery Initiative GEMS Geo-Enabling Initiative for Monitoring and Supervision GEF Global Environment Facility GIGF Global Innovative Growth Forum HRD human resource development ICT information and communications technology IFC International Finance Corporation IGIF Integrated Geospatial Information Framework KAB Korea Appraisal Board KAESCO Korea Association of Energy Services Companies KAMCO Korea Asset Management Corporation KDB Korea Development Bank KDHC Korea District Heating Corporation KDI Korea Development Institute KEA Korea Energy Agency KEIS Korea Employment Information Service KEITI Korea Environmental Industry and Technology Institute KEPCO Korea Electric Power Corporation KETEP Korea Institute of Energy Technology Evaluation and Planning KEXIM Export-Import Bank of Korea K-FCV Korea Trust Fund for Economic and Peace-Building Transition KGGTF Korea Green Growth Trust Fund 3 KHMF KEB Hana Microfinance Limited KIAT Korea Institute for Advancement of Technology KICE Korea Institute for Curriculum and Evaluation KIST Korea Institute of Science and Technology KMI Korea Maritime Institute KOEM Korea Marine Environment Management Corporation KOEN Korea South-East Power Co., Ltd. KOFIA Korea Financial Investment Association KPOK Korea Program for Operational Knowledge KPX Korea Power Exchange KRICT Korea Research Institute of Chemical Technology KRIVET Korea Research Institute for Vocational Education and Training KRX Korea Exchange KSD Korea Securities Depository KSP Knowledge Sharing Program KTF Korea Trust Fund LX Korea Land and Geospatial Informatix Corporation MIC middle-income country MIGA Multilateral Investment Guarantee Agency MOEF Ministry of Economy and Finance MOFA Ministry of Foreign Affairs NGII National Geographic Information Institute NIA Korea National Information Society Agency OLC Open Learning Campus PASET Partnership for Skills in Applied Sciences, Engineering and Technology PPP Public-Private Partnership RDA Rural Development Administration RSIF Regional Scholarship and Innovation Fund SHS solar home systems SME small and medium enterprises SLC Sudokwon Landfill Site Management Corporation VILG Vietnam Improved Land Governance and Database VMS vessel monitoring system 4 4 World Bank Group and Korea Partnership The World Bank Group and the Republic of Korea green growth innovation, to support financial sector have benefited from a strong partnership for more development, to share Korea’s practical development than 60 years. Since Korea became a member of the experience and know-how, to build human capital, to World Bank Group in 1955, the Korea–World Bank enhance engagements in fragile and conflict-affected Group partnership evolved as Korea successfully environments, and to mobilize Korean private transitioned from a relatively poor and agrarian investments in developing countries. economy only a few decades ago, to become a high-income economy and a global innovation and The Korea office carries out its engagements through technology leader. Korea̕ s success has become local and global partnerships. The office benefits from an inspiration for many of the World Bank’s client a large ecosystem of public and private institutions countries and development partners. that have significant capacity and expertise and that are interested in collaborating with the World Bank. The World Bank Group Korea office opened in The World Bank Group Korea office is at the center of 2014 in Songdo to enhance partnership with Korea the partnership between Korea and the World Bank and to leverage Korea’s successful development Group, providing a partnership platform for teams experience to support developing countries. Since based in the Korea office as well as those in the then, the Korea office has carried out a broad range World Bank’s headquarters in Washington, DC, and of knowledge and operational activities to promote in the more than 100 offices in developing countries. World Bank Group’s Developing development countries’ projects and needs knowledge exchange World Bank Group Korea office Korea’s development experience, technical expertise, and financial support 5 5 The World Bank Group Korea office is located in the city of Songdo, Incheon. 6 6 Connecting Innovation and Development The World Bank Group Korea office is expanding To ensure that development is sustainable, the Korea its Korean partnerships to help developing countries office will continue to partner with the Korea Green harness innovation and technology. Technology Growth Trust Fund (KGGTF) to promote green advancement is increasingly central to development innovations. The office aims to become a global center work and to disrupting traditional development for promoting innovation and technology for sustainable pathways. Korea transitioned to a high-income development. country by becoming a global leader in innovation and technology. Korea’s success in harnessing technology for development makes it an ideal partner for the World Bank. 7 7 The Korea office runs a series of knowledge programs to showcase examples of Korean innovation and technology and to highlight the latest global debates and issues. Korea Office Innovation and nnovation and Technology I Technology Webinar Series Knowledge Note Series The seminars are jointly organized with the We facilitate joint research between Global Practices (technical departments) of World Bank Global Practices and Korean the World Bank Group and Korean institutional experts. partners. Experts present and participate in the discussions. Select list of ongoing studies Leveraging Technology Transfer and • Seminars Innovation to Support Low-Carbon Data Platforms for Smart Cities: Experiences • Development and Lessons Education Reforms for the Fourth Industrial • Building Up Cybersecurity Resilience in World • Revolution Bank Client Countries Internet-Only Banks in Korea • Solid Waste Management: Technological • OnBid System of Korea Asset Management • Options and Opportunities Corporation Data Analytics and Intelligence in Digital • Digital Land Information System of Korea • Agriculture Technology 5G Network • Bridging Skills Gaps by Lifelong Learning and • Digital Budget and Accounting System in • Advanced Technology Korea (dBrain) Innovations in Skills Development • Leveraging Big Data and ICT-Based Innovative • Solutions for FCV-Affected Situations Global Innovative Growth Forum Safer Vehicles for Safer Roads • The Korea office co-organized the inaugural Innovative Financial Services: Experience of • Global Innovative Growth Forum (GIGF)—held in Internet-Only Banks in Korea November 2019—with the Ministry of Economy and Finance (MOEF) of the Republic of Korea. Korea Innovation Report The GIGF is a new joint MOEF–World Bank Group initiative to provide a forum to discuss how to seize The Korea office will work with Korean partners, the opportunities and manage the challenges global experts and the World Bank to prepare a of innovation and rapid transformation. The major flagship report on Korea’s development from organizers plan to hold the forum annually. a middle-income economy to a high-income one. The report will highlight how Korea successfully escaped the “middle income trap” by harnessing innovation and technology and became a knowledge-intensive economy. 8 Main Areas of World Bank Five programs: (1) Green Growth Innovation, focused on programs in Engagement the energy, environment, and land–geospatial Information sectors, (2) Seoul Center for Financial Sector Development, (3) Fragile, Conflict, and Violence, (4) Korea Program for Operational Knowledge (KPOK), and (5) Education and Skills Development. International Finance Corporation (IFC) Mobilizing Korean financing and investments in developing countries. Multilateral Investment Guarantee Agency (MIGA) Providing guarantees to Korean investments in developing countries. Korea Program for Operational Knowledge (KPOK) Fragility, Conflict, and Violence (FCV) Education Finance, International Finance Competitiveness and Corporation (IFC) Innovation (FCI) World Bank Group Multilateral Korea office Investment Green Growth Guarantee Innovation Agency (MIGA) Innovation and Technology 9 1.  Green Growth The World Bank Group Korea office promotes green growth innovation by supporting projects and providing technical assistance on renewable energy Innovation and energy efficiency, environment and natural resource management, and land administration and geospatial technology. The Korea office’s green growth innovation programs are jointly carried out with the KGGTF, one of the largest Korea-financed World Bank trust funds that focuses on supporting green, sustainable growth in developing countries. At a Glance Sectors As of January 2020 US$88 145 Million Fund Grants to Date Urban Transport Korea Green Growth Trust Fund The KGGTF was established in 2011 to Energy ICT strengthen and expand the World Bank Group’s global green growth portfolio by tapping expertise from Korea’s successful experience and investment through public and private resources. The KGGTF provides funding, capacity building, and technical assistance to World Bank teams around the world, partnering Environment Climate Change with client countries as they adopt green growth strategies and plan for their future. Today, the KGGTF finances on-the-ground programs as well as knowledge-exchange activities. To date, the KGGTF has approved 145 grant programs in the following sectors: agriculture, climate change, energy, environment, ICT, transport, urban, and water. Water Agriculture 10 1. 1 Energy and The Energy team in the World Bank Group Korea office supports projects to enhance energy efficiency and promote renewable energy in developing Extractives countries in Africa, East Asia and the Pacific, and South Asia. Working with Korean partners, the Energy team helps improve management and operation of power grid systems, promotes investment in energy efficiency, and supports transition to a low-carbon economy by expanding renewable energy. At a Glance As of January 2020 • Focus Power grid system Strengthening of operations regulatory framework for energy efficiency Green and Energy storage energy-efficient system buildings • Client Countries and Regions Mongolia South Asia Vietnam Philippines West Africa Pacific Islands 11 Sharing Korea’s Success in Power Grid Energy Efficiency for Industrial Enterprises System Operation (May 2019) in Vietnam Country/Region: Africa Country/Region: Vietnam Objectives: Share Korea’s experience in planning Objectives: Promote investments in industrial and operating the power grid system and power energy efficiency and develop a robust and market bankable pipeline of industrial energy efficiency Activities: A two-week master-class training investments. This project builds on KGGTF’s program in May 2019 for 36 members from project on industrial energy efficiency investments 10 power utilities/institutions from the West Africa in Vietnam. Power Pool Activities: Knowledge exchange in Korea on Korean Partners: Korea Power Exchange (KPX), industrial energy efficiency technologies and Korea Electric Power Corporation (KEPCO) business models, with industrial enterprises, financial institutions, and energy service companies Korean Partners: Korean Energy Agency (KEA), Korea Association of Energy Services Companies (KAESCO), Energy Service Companies Ulaanbaatar Clean Air Project Country/Region: Mongolia Objectives: Help improve building energy efficiency by strengthening regulations; promote relevant green technologies Activities: Providing technical review and policy advice on replacement of polluting heat-only boilers and house insulation improvement; organized knowledge exchange for Mongolian delegation in Korea, in collaboration with Korea Institute of Energy Technology Evaluation and Planning (KETEP); site visit to Energy Zero Apartment Houses, Green Zero Energy Office, heating facility of Korea District Heating Corporation (KDHC), and green retrofit site (aging apartment complex) Korean Partners: Korea Institute of Energy Technology Evaluation and Planning (KETEP), Korea District Heating Corporation (KDHC) 12 Bitgaram International Exposition of Electric Access to Sustainable Energy Project in the Power Technology (BIXPO)—World Bank Philippines Annual Energy Forum (November 2019) Country/Region: Philippines Country/Region: Global Objectives: Increase household access to solar- Objectives: Provide learning opportunities and powered electricity within select electric cooperative knowledge exchange for energy and green growth service areas practitioners and policymakers Activities: Supply and installation of solar home Activities: Co-hosted the annual World Bank systems (SHS), small solar photovoltaic plants and Energy Forum with Korea Electric Power prepaid meters. To date, 10,000 SHS out of the Corporation (KEPCO) at Bitgaram International target 40,500 SHS have been installed and are in Exposition of Electric Power Technology (BIXPO) operation. The Korea Institute for Advancement of in Korea. Korea Electric Power Corporation Technology (KIAT) has been pursuing pilot projects (KEPCO) invited nine World Bank power utility as a follow-up to a World Bank—KIAT memorandum clients from around the world. The forum led to of understanding in August 2018. integrating Korean expertise into KGGTF’s Regional Korean Partners: Korea Institute for Advancement E-mobility and Battery Storage Programmatic of Technology (KIAT) Technical Assistance for Pacific Island Countries and Territories. Korean Partners: Korea Electric Power Corporation (KEPCO) Scaling Solar in Afghanistan Country/Region: Afghanistan Objectives: Increase the supply of domestically generated solar power in Afghanistan Activities: The Korea office will support a new Scaling Solar initiative in Afghanistan, providing technical advice for the project and communicating with the clients. Scaling Solar is a global World Bank Group program that promotes private sector grid- connected solar projects in developing countries. Korean Partners: Korean Energy Agency (KEA), Korea Electric Power Corporation (KEPCO) 13 1.2 Environment, The World Bank’s Environment, Natural Resources and Blue Economy Global Practice (ENB) provides expertise, technical assistance, and financing Natural to help low- and middle-income countries manage land, sea, and fresh water Resources and natural resources in a sustainable way. The ENB in the Korea office helps Blue Economy developing countries enhance ecosystem and natural resource management, increase climate resilience, and improve solid waste and plastic management. At a Glance As of January 2020 • Focus Improving forest Improving fisheries and landscape and coastal resources management management Increasing Strengthening capacity climate resiliency for solid waste and plastic management • Client Countries and Regions Vietnam Myanmar Philippines Cambodia 14 Sharing Knowledge on Korea’s Expertise Sustainable Landscape Ecotourism Project in in Fisheries (September 2019, September Cambodia (May 2019) 2018) Country/Region: Cambodia Country/Region: Myanmar and Vietnam Objectives: Improve management of protected Objectives: Knowledge exchange and learning areas; promote ecotourism opportunities and about Korea’s innovative technologies in fisheries nontimber forest product value chains in Cambodia aquaculture, marine pollution, and coastal Activities: Supporting implementation of a resources management new project, Cambodia Sustainable Landscape Activities: and Ecotourism Project. The US$55 million Vietnam: Knowledge exchange sessions were • International Development Association loan organized and facilitated by KGGTF on Korea’s and the Global Environment Facility grant will vessel monitoring system (VMS). This led to support the Cambodian government in improving including VMS in a new fisheries project funded management of protected areas in the ecologically by the World Bank. important Cardamom Mountains. Myanmar: The sessions included (1) aquaculture • and supply chain development, (2) blue economy roadmap development, (3) technical advisory support on monitoring, control, and surveillance (MCS) of capture fisheries, and (4) advisory services for regulatory and policy reform. The sessions were organized and facilitated by KGGTF. Korean Partners: Korea Maritime Institute (KMI), Korea Marine Environment Management Corporation (KOEM) 15 Solid Waste Management in Cambodia Enhancing the Philippines Climate Resiliency (March 2019) through a National Risk Resiliency Program Country/Region: Cambodia (2017–2019) Objectives: Increase knowledge of Korea’s Country/Region: Philippines regulatory framework for waste management Objectives: Help develop and implement reforms and business models, including public-private to national planning and budgeting for climate partnerships resilience Activities: A weeklong knowledge exchange in Activities: A multiyear (2017-2019) engagement Korea for a high-level Cambodian delegation. in the Philippines to support the country’s climate The knowledge exchange, financed and investments through its Risk Resiliency Program. cofacilitated by KGGTF, showcased Korea’s The engagement helped the government develop technology, which integrates the Internet of Things a vision and strategy for investing in climate in regular operations of solid waste management. resilience, prioritize national budget allocations for This led to a new World Bank project for managing climate change, and improve the efficiency and solid waste and pollution in the country. The impact of government expenditures on climate project is expected to support investments in a change. new regional solid waste landfill system similar to the Korean system, using similar technologies. Korean Partners: Korea Environmental Industry and Technology Institute (KEITI), Sudokwon Landfill Site Management Corporation (SLC) 16 1.3 Urban, Resilience The Global Land and Geospatial Unit of the World Bank’s Urban, Resilience and Land Global Practice provides global solutions for land reform, and Land land administration and geospatial information management to developing countries. The team in the Korea office manages several land administration and geospatial information management programs in the East Asia and Pacific region. Geospatial information technology has emerged as a major contributor to economic transformation and sustainable development. Geospatial information and the spatial data infrastructure are critical for developing e-government, e-services, e-commerce policy, smart cities, precision agriculture, combating climate changea for disaster risk management. At a Glance As of December 2019 • Focus Geospatial data Digital land governance collection and information management • Client Countries and Regions Mongolia Vietnam Cambodia Philippines 17 Vietnam Improved Land Governance and Global Geospatial Information Management Database (VILG) Project Country/Region: Global Country/Region: Vietnam Objectives: Help countries develop, integrate, Objectives: Improve the efficiency and and strengthen global geospatial information transparency of land administration services; management through the Integrated Geospatial Implement a digital land information system as Information Framework (IGIF) a key component of the national e-government Activities: The World Bank Group Korea office program supports the global partnership with the United Activities: Coordinating land policy and legislative Nations Committee of Experts to (1) prepare the reforms by building on the work recently completed implementation guide of the IGIF, (2) prepare by the Korea Appraisal Board (KAB); introducing training materials and deliver training in countries a modern land valuation methodology using including through the Korea Program for Operational computer-assisted mass appraisal technology. Knowledge blended learning program, and (3) Land price information is one of the data layers prepare country-level action plans, with budgeted being funded under the VILG data digitization investment priorities, for geospatial information component. management improvements. The action plans are Korean Partners: Korea Appraisal Board (KAB) under preparation in Colombia, Mongolia, Vietnam and are planned for Cambodia, Malawi, Nicaragua, Philippines, and Seychelles, among other places. Philippines Support for the Parcelization of Korean Partners: Korea Land and Geospatial Lands for Individual Titling (SPLIT) Project Informatix Corporation (LX), National Geographic Country/Region: Philippines Information Institute (NGII) Objectives: Improve land tenure security and strengthen property rights of agrarian reform beneficiaries Activities: The Korea office team member is the task team leader for this new project under preparation with a fast-track delivery. The project will support acceleration of the ongoing government program for agricultural land titling while seeking to gain efficiencies through technology, workflow streamlining, and increased stakeholder engagement. 18 2. The Seoul Center for Financial Sector Development (Seoul Financial Center, Finance, for short), managed by the Finance, Competitiveness and Innovation (FCI) Competitiveness team in the World Bank Group Korea office, promotes financial sector stability and Innovation— and soundness, innovative finance, and long-term finance in the East Asia Seoul Financial and Pacific region. The Seoul Financial Center partnership supports advisory Center services, technical assistance, analytics, and capacity-building programs for client countries, leveraging Korea’s financial sector development experience and expertise. Following the Asian financial crisis of the 1990s, Korea substantially strengthened its financial sector and built related institutions, which allowed it to limit the impact of the Global Financial Crisis of 2007–2008 on its economy. Today, Korea's financial sector-related institutions are offering lessons to countries across the world in developing their financial systems. The Seoul Financial Center manages a Korea-financed trust fund that has provided US$25 million of financing since 2012 to developing countries in the East Asia and Pacific region to support financial sector development. It has developed a network of 30 Korean financial sector-related institutions, which are leveraged to enhance support to client countries through customized knowledge exchange on specific technical themes. At-a-Glance Regional As of January 2020 US$25 million US$475K Total Trust Fund (June 2012–December 2020) East Asia Regional Financial Integration 30+ US$603K Engaged Korean Partners National Risk Assessment Association of Southeast Asian Nations (ASEAN) 40+ US$306K Knowledge Exchanges for Client Countries Basel II Pillar 2 Implementation 10 US$145K Memorandums of Understanding with Korean Financial Institutions Case Studies on De-risking 19 Mongolia China Myanmar Lao PDR Vietnam Philippines Thailand Cambodia Indonesia Papua New Guinea Cambodia Myanmar Financial Sector Development: Scaling Up Financial Services for the Poor: $1.4M, $700K $3.6M, $1M China Papua New Guinea Financial Reform Strategy Report: Technical Assistance to the Implementation of $470K Financial Competency Survey Financial Consumer Protection and Financial Literacy: $475K $490K Evaluation System for Consumer Financial Education: Philippines $250K Financial Development and Inclusion: $600K Indonesia Crisis Simulation Framework: Thailand $370K Solvency Modernization and Risk-Based Capital for the Insurance Sector: Lao PDR $420K Financial Sector Development: $800K, $520K, $1M Vietnam Capital Markets and Non-Banking Mongolia Financial Institution Development: $1.4M Capital Market Development: $370K Financial Sector Development Support: $1.9M, $486K 20 Technical Assistance for Scaling Up Financial Support for Financial Sector Transformation Services for the Poor in Myanmar Country/Region: Myanmar Objectives: Help increase access to financial services by the poor by providing technical assistance and advisory services to (1) strengthen the legal and regulatory framework, (2) modernize the financial infrastructure, and (3) promote digital financial services and expanding access and depth of the financial sector The Challenge Activities: Supported the upgrading of financial • Financial sector small, inefficient, uneven infrastructure and regulatory framework through • Outdated legal and regulatory framework • Only 23% of adults have bank accounts policy advice and technical assistance; provided • Weak financial infrastructure capacity-building programs in partnership with Korean institutions. Guiding the Transformation Korean Partners: Bank of Korea (BOK), Financial Supervisory Service (FSS)  orea Trust Fund (KTF) First Grant (2015–2018): K US$3.6 million Assessing gaps in laws, regulations, and supervision • Financial infrastructure needs assessment and advice • State-owned banks assessment • Korean Partners BOK provided two-day training on payment systems • FSS provided three-day knowledge sharing on • insurance supervision Scaling Up the Transformation Based on KTF-funded work, World Bank Financial  Sector Loan (2016–2020): US$100 million • Reform of state-owned banks •Upgrading of financial sector legal, regulatory, and supervisory framework •Modernizing of central bank and financial infrastructure Second-Stage Transformation KTF Second Grant (2019–2020): US$1 million •Strengthening banking resolution framework •Capacity building on crisis management • Support for enhanced monitoring of banking sector • Policy dialogue on interest rate liberalization 21 Knowledge Exchange for Bond Market Fintech Conference for Financial Regulators: Development (August 2018) Fintech—Avoiding the Pitfalls, Reaping the Benefits (September 2016) Country/Region: Vietnam Objectives: Provide a forum to discuss and Objectives: Strengthening the legal and exchange knowledge on the impact of fintech on institutional framework for a better-functioning and the financial sector and how regulators should more liquid government bond market respond to the new wave of financial developments Activities: Knowledge exchange on Korea’s Activities: Co-organized a conference with Asian bond market development for Vietnam Ministry of Development Bank and Financial Supervisory Finance Service for Asia-Pacific Economic Cooperation Korean Partners: Financial Services Commission (APEC) financial regulators. The forum brought (FSC), Korea Exchange (KRX), Korea Financial together 50 participants from APEC countries’ Investment Association (KOFIA), Korea Securities central banks, securities commissions, financial Depository (KSD), Korea Asset Management regulatory agencies, and standard-setting Corporation (KAMCO), Mirae Asset Daewoo Co., bodies. Discussion topics included, (1) the future Ltd. of financial services with fintech, (2) introduction to crowdfunding and blockchain, (3) improving financial inclusion through fintech, (4) challenges to the traditional finance industry, (5) how regulators should approach fintech, and (6) issues of cybersecurity. Innovative Financial Services: Korea’s Korean Partners: Financial Supervisory Service Internet-Only Banks (January 2020) (FSS) Objectives: Stocktaking of Korea’s experience with its first generation of internet-only (digital) Building a Sound, Diversified and Inclusive banks Financial System Activities: Produced a report discussing the Country/Region: Mongolia market success of Korea’s first two internet- Objectives: Strengthening banking sector, only banks—Kakaobank and K Bank—and the developing capital markets and the non-bank positive impact on the finance industry, as well as financial sector; improving financial infrastructure regulatory gaps and challenges; also organized and financial literacy, and creating better conditions a webinar to disseminate the findings from this for recovery of stolen assets report and further discuss the lessons from Korea’s Activities: Support comprehensive financial sector experience reforms through technical assistance, diagnostics, Korean Partners: Seoul National University, capacity development, and knowledge transfer Fintech Center Korea Korean Partners: Korea Securities Depository (KSD), Ministry of Justice, Seoul Bankruptcy Court 22 3. Fragility, Korea has been a long-standing and major supporter of the World Bank’s efforts to address the challenges of countries affected by fragility, conflict, and Conflict, and violence (FCV), through its support to the World Bank’s Korea Trust Fund for Violence Economic and Peace-Building Transition (K-FCV). Korean public and private institutions are also increasingly working on FCV countries. The FCV team in Korea plays a central role in the Korea—World Bank Group partnership by collaborating with Korean partners to facilitate engagement in FCV countries, leveraging Korea’s development experience to assist FCV countries, and supporting the World Bank’s global FCV agenda. The team is engaged with a wide range of Korean institutions, such as the Korea Institute for International Economic Policy, the Korea International Cooperation Agency, the Global Compact Network Korea, Korea Telecom, and Yonsei University. It also supports the implementation of the K-FCV and works with Korean partners to apply innovative approaches to trust fund–supported initiatives. Korea Trust Fund Established in 2009 through an agreement between the Ministry of Economy and for Economic and Finance (MOEF) of Korea and the World Bank, the K-FCV addresses governance Peace-Building and peace-building needs in fragile and conflict-affected environments. The Transitions (K-FCV) K-FCV secretariat is housed in the FCV Group, based in Washington, DC. The secretariat oversees the Fund’s day-to-day management, grant-making process, portfolio programming, knowledge management, and communications. At a Glance Over US$34 million committed As of June 2019 Supported 57 grants in 46 countries across all World Bank regions 54% of the fund’s cumulative commitments allocated to East Asia and Pacific US$6.6 million in grant commitments have informed the World Bank Group operations of over US$2.4 billion Facilitated 11 knowledge exchanges with Korean institutions 23 Knowledge Exchange on Frontier Agriculture Dissemination of World Bank Group—United in FCV Contexts (December 2019) Nations joint report “Pathways for Peace: Objectives: Facilitate knowledge exchange and Inclusive Approaches to Preventing Violent Conflict” (October 2018) explore potential technical cooperation in support Objectives: Raise awareness and exchange views of the analytic project “Water-Saving, Climate- with partners about the World Bank Group—United Smart Frontier Agriculture in Africa’s FCV context” Nations joint report “Pathways for Peace: Inclusive supported by K-FCV Approaches to Preventing Violent Conflict” and its Activities: The project team for the World Bank findings on opportunities to promote preventive Agriculture Global Practice visited Korea in August action for peace and security and December 2019 to learn about its insect industry Activities: FCV staff in Korea co-organized the and to discuss potential ideas for applying some of dissemination event, which reached over 150 Korea’s lessons and experiences to the World Bank participants from across government, international Group operations in FCV contexts. In partnership organizations, academia, research institutions, civil with the Rural Development Administration (RDA), society, and the nongovernmental organizations. the team is exploring the use of insects for food and Discussions highlighted the importance of animal feed, leveraging Korea’s experience with prevention approaches in the East Asia region and insect farming and processing. Korea’s role in conflict and violence prevention Korean Partners: Rural Development across humanitarian, development, and peace Administration (RDA) actors. The dissemination event, along with some of the background research papers for the report, was financed by the K-FCV. Korean Partners: Ministry of Economy and Finance (MOEF), Ministry of Foreign Affairs (MOFA), Institute for Global Engagement and Empowerment, Yonsei University 24 Developing Approaches for Conflict and Operationalizing the Famine Action Fragility in Middle-Income Countries Mechanism in Five First-Mover Countries Country/Region: Global Country/Region: Africa, Middle East and North Objectives: Build knowledge on the nature of FCV Africa, South Asia in middle-income countries (MICs) and on what Objectives: Strengthen country-level responses to works in promoting peace in MICs to develop more severe food insecurity risks through preparedness effective approaches for the World Bank Group and and early action, which bring together government, other stakeholders humanitarian, and development partners Activities: This research study includes multiple Activities: Pilot activities in Afghanistan, Chad, components. First, a quantitative analysis of conflict Somalia, South Sudan, and Yemen are underway. types in MICs was conducted. Second, in June Adopting best practices from disaster risk 2019, a workshop of the World Bank Group and management, these efforts aim to identify ways to International Monetary Fund staff nominated by prearrange operations across the humanitarian- country directors across the regions and practice development nexus to mitigate potential severe managers across Global Practices was convened in food insecurity conditions before they become Washington, DC. The objective of the workshop was major crises. The project team provides operational to exchange information on operational and policy support to country teams and partners to develop challenges of working in MICs and to inform the Anticipatory Action Plans in the five pilot countries. overall research. Finally, country-based case studies The FCV Korea team is co-leading the project and reviewing the World Bank’s engagements in six is exploring Korean partnership, such as with the selected countries are now underway. FCV Korea Rural Development Administration, on possible team is a key part of this effort and is contributing by use of innovative approaches and technologies to developing country case studies in the Philippines address food security. This project is funded by the and Thailand and managing the expert advisory K-FCV. group, which will include Korean experts.The project is funded by the K-FCV. 25 ICT-based innovations for development operations in fragile and conflict affected situations FCV staff have facilitated the following knowledge exchanges between the World Bank Group and Korea on the application of ICT-based solutions in FCV settings: Introduction to the World Bank’s Approaches Seminar on ICT-Based Innovations for to FCV-Affected Situations (May 2019) Operations in Fragile and Conflict-Affected This technical workshop provided an overview of Situations (November 2019) the World Bank’s approaches to FCV situations, As part of the World Bank Group Korea office’s with a focus on the Geo-Enabling Initiative brown-bag lunch series, a seminar was convened for Monitoring and Supervision (GEMS). The on the use of ICT innovations for operations in workshop was attended by approximately 40 FCV contexts. This seminar featured two K-FCV participants from the Export-Import Bank of supported grants: “Geo-Enabling Initiative for Korea, Korea International Cooperation Agency, Monitoring and Supervision" and “Enhancing FCV universities, and civil society organizations that are Operations with Geospatial ICT Tools.” The session currently working on FCV situations. also introduced the Global Epidemic Prevention Platform, a mobile application–based platform that uses big data to strengthen the capacity of governments to engage citizens on health-related issues, including pandemic preparedness and access to health clinics for rural populations. The platform was developed by Korea Telecom as part of its social responsibility initiative. In addition, the K-FCV has supported several grants that apply ICT-based innovation in FCV contexts to further refine early warning and proactive risk management, to improve delivery of core services in hard-to-reach areas, and to increase accountability of transparency of development interventions in insecure areas. Examples of K-FCV supported projects focused on ICT-based innovation include the following: • Myanmar: People-Centric Digital Services for Peace and Inclusion • Tajikistan: Mobile Engage • Systematic Implementation of ICT-Based Support for FCV • Enhancing FCV Operations with Geospatial ICT Tools • GEMS+: Creating a Public Good through Digital Tools and Skills in FCV Settings 26 4. Korea Program The World Bank Group Korea office focuses on tackling complex development challenges through sharing operational knowledge* and for Operational lessons learned. In partnership with World Bank’s Global Practices Knowledge and Korean partners, the Korea Program for Operational Knowledge (KPOK) provides a range of capacity-building activities financed by the government of Korea. The offerings include a blend of online and face-to-face courses and case studies to help low- and middle-income *What is operational knowledge? countries gain relevant knowledge and practical skills that are directly “Operational knowledge” applicable to their projects. generally refers to a vast amount of knowledge that the World Bank Group generates The Development Economics Knowledge and Strategy team in the through its operations and Korea office manages KPOK. KPOK is implemented through two key that is used to inform World World Bank Group programs: Open Learning Campus (OLC) and Global Bank projects and to help build capacity of practitioners to Delivery Initiative (GDI). Tapping into technical experts, practitioners, achieve better development academics, research organizations and startups, KPOK is integrating outcomes. Korea’s knowledge and practical lessons into its global offerings. GLOBAL KNOWLEDGE KOREA’S EXPERIENCE Global trends & best practices Up-to-date development solutions Development lessons sectoral partners Evidence-based lessons from  World Bank operations Korea-initiated programs  (KSP, EDCF, Korea- funded World Bank programs) EDGE GOALS OLC OLC PRODUCTS PRODUCTS ces Bite-sized e-course Bite-sized e-Learning Self-paced e-course Self-paced e-Learning Inform World Bank (WB) Facilitated e-course Facilitated e-Learning operations Massive Open Online Massive Open Online  Course (MOOC) Course Capacity building for ENCE Blended Learning Program Blended Learning Program country clients implementing WB projects olutions G DPRODUCTS GDI I PRODUCTS om Promote partnership for Studies CaseStudies Case development cooperation Delivery Delivery Notes Notes WB programs) Inform World Bank (WB) operations GOALS country clients  Capacity building for  implementing WB projects Promote partnership for development cooperation 27 Korea Program for At a Glance Operational Knowledge (KPOK) As of February 2020 US$21 million Open Learning Campus (OLC) The OLC program accelerates development Total Grant Amount solutions by transforming global knowledge into actionable learning. KPOK supports design and delivery of e-learning courses US$17 million Total Disbursement to Date and blended learning programs (which combine online learning with face-to-face 30+ workshop sessions, site visits, peer-to-peer Engaged Korean Partners knowledge sharing and action-planning activities). 140+ OLC e-Learning Produced 4 OLC Blended Learning Program 320,000+ from190 Enrolled Learners Countries Global Delivery Initiative (GDI) The GDI documents what works–and 50%+ OLC Courses with Korean Case Studies what doesn’t–in project implementation to create an evidence base to facilitate and 4 enable effective project implementation for GDI Case Studies Produced development practitioners. KPOK works with Korean agencies to document Korea’s 16 development experience and overseas GDI Delivery Notes Produced projects with emphasis on delivery challenges and how they were addressed. 8 Trained GDI Case Study Writers 28 Blended Learning Program on Digital Big Data Solutions for Development Agriculture Technology (DAT) Conference (March 2016) (July–December 2019) Country/Region: Global Country/Region: Global Objectives: Enhancing the knowledge and Objectives: Providing operational knowledge of capacity of country clients to use big data how digital technologies can innovate food and applications and accelerate big data innovations farming system Activities: Hosted an international conference in Activities: A blended learning program on DAT Seoul, Korea in partnership with the Agriculture, was offered to combine online learning with Transport, and Digital Development Global face-to-face workshop sessions, site visits, peer- Practices of the World Bank. The conference to-peer knowledge sharing and action planning attracted 140+ participants, including 70 country activities. The Knowledge Exchange on DAT client participants from more than 16 countries. was held in Korea from August 26-30, 2019. The The conference directly led to government exchange brought together six country teams requests for World Bank operational support in involved in World Bank Agriculture projects with countries such as Kenya, Rwanda, and Uganda. Digital Technology components and 30 participants Korean Partners: Korea National Information from the member countries of the ASEAN Food Society Agency (NIA) Security Information System Network. The self- paced e-course on DAT attracted more than 600 learners globally. Korean Partners: Korea Agency of Education, Promotion and Information Service in Food, Agriculture, Forestry and Fisheries (EPIS) 29 Feedback from Workshop Participants “I learned a lot from the different speakers “A very useful approach to the and experience. All of the experiences development and upscaling of the Digital from Africa, Asia, and America have key Agriculture Technology solutions to learning aspects. The e-learning program Agriculture” is excellent. I hope you keep and update Abdur Rahman Balarabe, Nigeria, National Fadama it every time.” Coordination Office Miguel Sierra, Uruguay, National Agricultural Research Institute “Thank you for this intensive and “The program was extraordinarily well thought out agenda and learning arranged. I totally appreciate everyone’s opportunity! I am really impressed effort for arranging such an event with with the Nagaraja presentation. The quality logistics throughout the one-week institutional memory of innovation is very program. They all have done a great job interesting, and I admire the collaborative in providing information relating to their intention of it.” context, which would support us in our Julieta Souza, Uruguay, Ministry of Livestock, Agriculture implementations.” and Fisheries Aftab Solangi, Pakistan, Agriculture, Supply & Prices Department of the Government of Sindh 30 5. Education Korea’s investments in human capital development, technical and vocational education training and science, and its focus on promoting technology and innovation are an inspiration to many developing countries. Leveraging Korea’s success, the education team in Korea promotes skills development and job creation for the digital economy in countries in East Asia and the Pacific, facilitates African Ph.D. students’ research training in renowned Korean science and technology institutions, and supports the strengthening of decentralized planning and management of skill development systems in India. At a Glance As of January 2020 • Focus Skills development for Science and technology human digital economy resources development • Client Countries and Regions East Asia and Pacific India Sub-Saharan Africa 31 Preparing for the Fourth Industrial Strengthening Skills Development Systems in Revolution—The Future of Skills Development India and Job Creation in East Asia Country/Region: India Country/Region: East Asia and Pacific Objectives: Promote decentralized planning and Objectives: Exchange knowledge and build a implementation of skills development programs regional approach to promoting skills development at the state level with greater stakeholder and job creation in East Asia and Pacific countries participation and demand-driven approaches; to prepare for the Fourth Industrial Revolution, create effective management information systems including through sharing of best practice for skills development examples from Korea and other East Asia and Activities: Knowledge exchange between the Pacific countries Korean and Indian governments to strengthen the Activities: : (1) Analytical works being developed skills system of India. The activities are supported with Korea Institute for Curriculum and Evaluation by the KWPF. (KICE) and Korea Research Institute for Vocational Korean Partners: HRD Korea, Regional Council, Education and Training (KRIVET) capturing Korea Employment Information Service Korea’s best practice, (2) Annual ASEAN+3 Human Resource Development (HRD) Forum attended by more than 18 countries, (3) webinar series aimed at providing in-depth policy consultation and targeted training for the themes addressed during the ASEAN+3 HRD Forum. Average of 50 participants from more than 13 countries participated in each webinar to discuss how to bridge skills gaps. The activities are supported by the Korea—World Bank Group Partnership Facility (KWPF). Korean Partners: Ministry of Employment and Labor, HRD Korea, Korea Institute for Curriculum and Evaluation (KICE), Korea Research Institute for Vocational Education and Training (KRIVET) 32 Partnership for Skills in Applied Sciences, Engineering and Technology (PASET) Country/Region: Sub-Saharan Africa The select students will carry out their independent Objectives: The PASET program supports research in the following areas: food security and capacity building of African Ph.D. students in agribusiness; climate change; digital technologies, applied sciences, engineering and technology by including data science and artificial intelligence; training them in competitively selected African host energy; and minerals, mining, and materials universities in partnership with renowned Korean engineering. Three new Korean higher education partner institutions, and it builds the capacity of and research institutions have agreed to join the African universities for international quality Ph.D. PASET program in training African science and training and research. technology Ph.D. students. Activities: The government of Korea is a major Korean Partners: Ministry of Economy and donor of the PASET program. It has provided Finance (MOEF), Ministry of Science and ICT, support ranging from technical assistance and Korea Development Institute (KDI), HRD Korea, knowledge sharing to financial support to PASET’s Korea Institute of Science and Technology (KIST), activities through the KWPF and investment of Korea Institute of Energy Research, Korea US$10 million in the Regional Scholarship and Research Institute of Chemical Technology, Innovation Fund (RSIF). In 2019, six African Ph.D. Institute of Green Bio Science and Technology students started their two-year research training of Seoul National University, Samsung Dream in the Korea Institute of Science and Technology Scholarship Foundation (KIST), benefiting from scholarships provided by RSIF under PASET. 33 6. IFC Korea Korea is a major partner in outbound transactions and a significant source of investment and financing in developing countries. The International Finance Corporation (IFC) Korea office has been working closely with Korean corporations and investors on developing projects and investment opportunities across sectors, including power, manufacturing, and financial institutions in emerging markets. IFC will continue to draw on Korea’s strong private sector experience to support the scaling up of critical projects in infrastructure, manufacturing and services, and in financial services by partnering with Korea-based firms to invest in emerging markets around the world. Since IFC reestablished its presence in Korea in November 2013: At a Glance As of January 2020 Total Commitment US$4.7+ billion in helping Korean entities expand and invest in developing countries. IFC has invested approximately Since 1985, total financed US$1.7 billion US$11.2 billion from its own account. IFC has mobilized another in nearly US$3.0 billion 100 including commitments in IFC Asset Korean projects Management Company funds. 34 Upper Trishuli-1 Hydro Project Gulpur Hydro Project Country/Region: Nepal Country/Region: Pakistan Financing: US$453 million debt-financing package Financing: US$50 million (Investment) and Project: IFC provided a US$453 million debt- US$72 million (Mobilization) financing package that will support the construction Project: The project consists of the construction, of a landmark 216-megawatt, run-of-the-river operation, and maintenance of a greenfield, hydroelectric plant on the Trishuli River in central 102-megawatt run-of-the-river hydro power plant Nepal. IFC is the lead arranger of the debt on the Poonch River. The project aims to address package, which includes eight other lenders, and the country’s power shortage, to support lower-cost is one of the largest foreign direct investments in energy generation, and to help develop renewable Nepal’s history. The plant will increase Nepal’s energy sources. electricity supply by one-third from today’s levels Sponsors: Korea South-East Power Co., Ltd. and provide clean, reliable power to some nine (KOEN), Daelim Industrial Co., Ltd., Lotte million people. Engineering and Construction Co., Ltd. Sponsors: Korea South-East Power Co., Ltd. (KOEN), Daelim Industrial Co., Ltd., Kyeryong Hansae in Haiti Construction Industrial Co., Ltd. Financiers: Export and Import Bank of Korea, Country/Region: Haiti Korea Development Bank (KDB) Financing: US$3 million Project: IFC provided US$3 million to support Hansae Co., Ltd., a South Korean garment manufacturer, in setting up its first manufacturing operating in Haiti. The project is expected to create up to 2,600 new jobs, most of which will be for women. Sponsors: Hansae Co., Ltd. 35 Venture capitals and start-up companies that have worked with IFC in Korea KEB Hana Microfinance Limited (KHMF) Equity and Loan Country/Region: Myanmar Financing: An equity investment of US$3 million in KHMF and a Myanmar kyat-dominated senior loan of US$10 million equivalent Access Ventures Project: Through the investment, IFC will support D.Camp the company’s growth of its micro and very small Dt & Investment enterprise loan portfolio, which increases financial FINDA inclusion and reduces poverty in Myanmar. The Havit company focuses on extending small loans to InverVest support the financing needs of the lower-income Jungle Ventures (Singapore) population, especially women, across Myanmar. K-CERN Sponsors: KEB Hana Bank (now Hana Bank) Korea Investment Partners Simple Credit (China) SoftBank Ventures Korea IFC Innovation Days Solid & Pantech IFC Korea office has been organizing an annual SparkLabs conference since 2017 focused on innovation as Startup Alliance a crucial element to ensure sustainable growth Sumscope (China) and expand private sector opportunities. The 2019 TransLink Capital conference, entitled “Connecting Korean Fintechs VoleR Creative with Asia,” brought together global and local fintech WeWork Korea experts and entrepreneurs and leaders from Yozma Ventures financial institutions, think tanks, and government Zapple agencies, including four portfolio companies from China, India, and Vietnam. 36 7. MIGA Korea The Multilateral Investment Guarantee Agency (MIGA) offers political risk insurance and credit enhancement to investors and lenders to promote foreign direct investment in developing countries. The MIGA Korea office underwrites Korean investors’ projects and strengthens support for Korean enterprises from the public and private sectors. As one of the two regional hub offices in Asia, the MIGA Korea office also supports business development in China, Mongolia, India, Nepal, and Pakistan. At a Glance As of December 2019 Total Guarantee Amount US$379 million • Client Countries and Regions: Guarantee provided for five projects 1 1 Uzbekistan Turkey 1 Pakistan Nepal 2 37 Gulpur Hydropower Project Upper Trishuli-1 Hydropower Project Country/Region: Pakistan Country/Region: Nepal Guarantee Amount: US$82.7 million Guarantee Amount: US$87.4 million Project: Supporting the construction, operation, Project: Supporting the development, construction, and maintenance of a 102-megawatt run-of-the- operation, and maintenance of a 216-megawatt, river hydropower plant under a build-own-operate- run-of-the-river hydroelectric power plant on the transfer scheme. The coverage is for a period of Trishuli River. The guarantee will provide protection up to 15 years against the risk of breach of for up to 15 years on equity provided by the Korea contract. South-East Power Co., Ltd (KOEN) to the Guarantee Holders: Korea South-East Power Nepal Water and Energy Development Company Co., Ltd. (KOEN), Daelim Industrial Co., Ltd., Lotte against the risk of Breach of Contract. Engineering and Construction Co., Ltd. Guarantee Holders: Korea South-East Power Co., Ltd. (KOEN), Daelim Industrial Co., Ltd., Kyeryong Construction Industrial Co., Ltd Gaziantep Hospital Project Country/Region: Turkey Guarantee Amount: €53.8 million (US$57.6 million) Project: Supporting a public-private partnership project of constructing a 1,875-bed hospital campus in the Gaziantep province in southeastern Turkey under a 28-year construction, finance, maintenance, and transfer agreement. The guarantees are for a period of up to 20 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. Guarantee Holders: Korea Development Bank (KDB), Samsung Life Insurance Co., Ltd. 40 Contact List Korea Office Seoul Satellite Office (IFC & MIGA) 37F. Boo Young Songdo Tower 2, 241 Incheon Tower- Seoul Global Center, Seorin-dong 64-1, daero, Yeonsu-gu, Incheon, Korea Jongno-gu, Seoul, Korea +82-32-713-7000 +82-2-6975-3000 webkorea@worldbank.org ifc.org/korea worldbank.org/korea ifckorea@ifc.org Hoon Sahib Soh Special Representative (Country Manager) COUNTRY MANAGEMENT UNIT FCI Jiwon Lee | Operations Officer Sameer Goyal | Program Manager Min Jae Kang | Executive Assistant Kyung Kyun Park | Senior Financial Sector Specialist Bojeong Choi | Team Assistant Youjin Choi | Financial Sector Specialist Soyoun Jun | Team Assistant Ryosun Jang | Consultant Jessie Eunyeong Choi | Administrative Assistant Samran Choi | Administrative Assistant FCV Byung Gwan Kim | Administrative Assistant Dawoon Donna Chung | Senior Program Officer Minkyung Kim | Consultant Suh Yoon Kang | Operations Officer Soo Yeon Lim | Consultant Morana Song | Communications Consultant EDUCATION Hayeon Kim | Education Consultant GREEN GROWTH INNOVATION Inchul Hwang | Senior Energy Specialist IFC Kathrine Kelm | Senior Land Administration Specialist Jiyeon (Janice) Ryu | Resident Representative Maurice Andres Rawlins | Natural Resources Liz (Liseul) You | Investment Officer Management Specialist Jaejin Lee | Investment Officer Hanul Oh | Operations Analyst Han Jae Lee | Investment Analyst Bola Ju | Land and Geospatial Consultant Haejin Allison Chun | Program Assistant Eunji Shin | Environmental Consultant Ashley Nam | Communications Consultant KPOK MIGA Jisun Kim | Senior Program Coordinator Jae Hyung Kwon | Representative, Jung Yoon Heo | Administrative Assistant Head of North Asia Sun Young Park | Program Assistant Hye-Jung Hwang | Consultant © 2020 The World Bank Group All rights reserved. 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