DAEGU, South Korea, Oct. 30, 2013 /PRNewswire/ -- IFC, a member of the World Bank Group, has signed a memorandum of understanding with Korea Electric Power Corp. to find ways to improve infrastructure and increase power supply in developing countries.
According to the World Bank Group, the existing infrastructure gap in low- and middle-income countries is estimated at around $1 trillion. Achieving universal access to electricity would require an additional annual average investment of $38 billion globally. Many businesses suffer because of a lack of reliable power supply, and countries need both the public and the private sectors to build and operate their essential infrastructure.
"We see vast opportunities and strong growth in the power sector of emerging countries," said Kyong-Goo Hur, KEPCO's executive vice president and chief global business officer. "With IFC's support, we can better mitigate non-financial risks to create greater value for shareholders, customers and local communities."
Under the agreement, IFC and KEPCO will expand their collaboration into areas such as conventional and renewable power generation, power transmission and power distribution.
"Power is essential for development," said Morgan Landy, IFC's global head of power and renewable energy. "Leading industrial players like KEPCO can provide capital and expertise to the power sector so that essential services can be supplied to large numbers of people efficiently, affordably and profitably."
The signing is part of the World Bank Group's new engagement plan in Korea, including the opening of a new main office in the Songdo District of the Incheon Free Economic Zone and a liaison office in Seoul's Central Business District in December this year. The new offices will support a broad range of development partnership opportunities, leveraging the Bank Group's knowledge and convening power as well as Korea's expertise in areas such as economic development policy, information communications technology, infrastructure and the financial sector.
