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Seoul, Republic of Korea, February 6, 2018—
Nearly 200 executives from Korean infrastructure firms attended the
Maximizing Finance for Development Seminar
in Seoul today. The event introduced participants to a range of innovative financial tools for expanding in emerging markets, especially Africa. The seminar is part of a series of events — focusing on development finance — organized in Asia by IFC, a member of the World Bank Group.
The Bank Group has stepped up efforts to mobilize private and commercial financing to support investments in client-countries and maximize financing for their development with a new approach called Maximizing Finance for Development (MFD).
“The world needs to spend annually more than $3 trillion on infrastructure by 2030 to maintain the projected growth. Of this total amount, the emerging markets need $1.9 trillion”, said Hyun-Chan Cho, IFC Regional Industry Head, Infrastructure and Natural Resources (Asia Pacific). “We are working to attract more private sector capital and expertise to improve power, water, transportation, and telecommunications systems in developing countries.”
At the seminar, IFC’s infrastructure experts presented case studies from Korea and Japan. Participants also learnt about resources available across the Bank Group, including the $2.5 billion IDA18 IFC-MIGA Private Sector Window (PSW)—a development finance tool created to catalyze private sector investment in the lowest-income countries eligible for financing from the World Bank’s
International Development Association
.
“We believe this innovative tool can help spur new investment projects in low income and fragile countries as it recognizes the need to help mitigate the uncertainties and risks that impede high impact private sector investment,” said Milissa Day, IFC’s FCS/IDA Product Lead in East Asia and the Pacific. “The focus will be on large scale infrastructure and public private partnerships as well as strategic sectors such as agribusiness, so it offers an opportunity for Korean and other Asian companies for potential win-win scenarios, where capital earns a higher return and the developing countries receive much needed investment and expertise.”
“IFC has greatly valued its cooperation in the past with Korean partners. We have invested around $2.6 billion from our own account and mobilized another $4 billion for over 80 projects with Korean firms since 1969,” said Joon Park, IFC Resident Representative in Korea. “IFC will continue to work with Korean firms to create markets and deliver sustainable benefits in emerging economies, increasing the country’s impact and role in global development.”
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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