Korea endorses World Bank president nominee Banga

The Korea Times

The Korea Times

Finance

Wed, December 6, 2023 | 14:16

Economy

Korea endorses World Bank president nominee Banga

Posted : 2023-03-21 12:46

Updated : 2023-03-21 17:11

Finance Minister Choo Kyung-ho holds a video meeting with Ajay Banga, the nominee for the president of the World Bank, at his office in Seoul in this photo released by the Ministry of Economy and Finance, March 21. Yonhap

Korea's finance ministry said Tuesday it has decided to endorse the U.S.-picked nominee for the president of the World Bank, expressing hope for closer ties between Asia's No. 4 economy and the Washington-based organization.

Finance Minister Choo Kyung-ho made the remark during his video call with the nominee, Ajay Banga, who previously led Mastercard Inc., according to the Ministry of Economy and Finance.

"The two sides held a wide array of talks including the future role of the World Bank, as well as ways to bolster bilateral cooperation," the ministry said in a statement.

Choo especially pointed out that the role of the World Bank has become more important than ever amid climate change and the COVID-19 pandemic, adding Korea supports the nomination based on Banga's experiences in both the private and public sectors.

The World Bank's presidents are traditionally chosen through consensus among its members, with the United States nominating a candidate. Once approved, Banga is expected to start his term in July. (Yonhap)