Washington, D.C., May 2, 2012 /PRNewswire-Asia/ -- IFC, a member of the World Bank Group, and the Korean Ministry of Strategy and Finance (MOSF) today signed an agreement marking the $1 million contribution by Korea tosupportthe IFC-led finance agenda for small and medium enterprises.
The funds will support operations of the Global SME Finance Forum, a collaborative knowledge sharing platform and a G-20 initiative housed at IFC. The funds also will be used to allocate grants to winners of the G-20 SME Finance Challenge, an initiative aimed at catalyzing SME financing models and best practices on a sustainable basis.
"The Korean government appreciates the importance of a robust private sector and expansion of small and medium enterprises as viable engines of growth and poverty reduction," said Seong-Wook Kim, Director of International Financial Institutions Division at MOSF. "We are thrilled to continue our collaboration with IFC in this area not only through our financial contribution but also through sharing our knowledge and best practices."
The agreement between Korea and IFC is yet another important milestone in the growing relationship between the government and the World Bank Group. Korea, a former IDA country and IFC recipient, became an official donor to IFC and has taken a leading role in the G-20 process since the Seoul Summit in 2010.
"We greatly value the ongoing collaboration with the Korean government in support of SME-focused programs in emerging markets," said Peer Stein, IFC Senior Manager of Access to Finance Advisory Services. "This gives us an opportunity to leverage Korea’s invaluable development experiences, its approach to financial-sector regulation, and key private sector reforms as best practices that could be replicated for IFC’s clients."
In December 2011 Korea’s first contribution to IFC’s Technical Assistance Trust Fund program was $1.5 million, which so far supportstwo advisory services projects -- Licensing Reform project in Lao People's Democratic Republic and Better Work Sustainabilityproject in Vietnam
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities - all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org.
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