WB chief stresses development knowledge sharing

World Bank President Jim Yong Kim stressed on Monday the importance of sharing knowledge on sustainable development after signing an agreement to open its office in Seoul next year. "The country truly deserves one of the greatest success stories, " Kim told reporters at a media briefing held in central Seoul, saying that South Korea, once the receiver of development aid, became an aid-giver for emerging nations. Before the briefing, President Kim signed a memorandum of understanding with South Korea's Finance Minister Bahk Jae-wan to open its office in the country next year as part of efforts to strengthen their joint efforts in supporting the sustainable growth of emerging countries. The two sides also agreed to establish a so-called "Korea-WB cooperation fund" worth 90 million U.S. dollars to financially support the bilateral partnership, according to the Ministry of Strategy and Finance. "At a time of global uncertainty, it will be more urgent than any other things to support economic development and poverty reduction in emerging nations," Kim said at a meeting with Minister Bahk. Kim noted that South Korea succeeded in improving the quality of people's lives and dynamically transforming to a knowledge- based economy by offering efficient infrastructure and services, saying that that experience will give precious lessons for many other emerging countries.