The World Bank recognises the developmental achievements of South Korea and wants to help share that knowledge with rest of the world, say the World Bank.
Jim Yong Kim, President of the World Bank is in Korea this week to open a new Group Office in the country to harness the country's development information and share it with the rest of the world.
In transcripts of his speech released today at the World Bank website, the President said "Korea is playing an increasingly active role in global development issues, and I’m hopeful that the new office will help us expand the collaboration between the World Bank Group and the Korean government and Korean businesses."
Yong Kim, who took office in July 1, 2012 said he was very encouraged to find many leaders in Africa and other developing countries desiring to know more about the story of Korea’s economic miracle.
The World banks chief said he places more emphasis on Africa because, according to statistics "more than one-third of countries in Sub-Saharan Africa had an extreme poverty rate of more than 50 percent in 2010."
In 12 countries, the World Bank chief said, the poverty rate was above 60 percent and it rose to 80% in four others.
He admonished those laughing at poor nations against it saying "Korea used to be called a basket case. We should never say that about any country. Look at Korea now."
The chief said Korea’s experience is very relevant as it can acting as a “bridge” between developed and developing countries through the forum of the G20 countries because it is a strong supporter of IDA, World Bank’s fund for the poorest, and has been increasing its overall overseas development assistance, at a time when many countries cannot.
The World Bank President said "Korea is an exceptional example of an aid recipient turned donor, with GNI per capita increasing from $67 dollars in the early 1950’s – lower than many countries in Africa – to over $20,000 dollars today."
The Chief said, "to reach our goals of ending extreme poverty and boosting shared prosperity, we’re going to have to accelerate the pace of poverty reduction in Sub-Saharan Africa."
He stressed the importance and contribution of energy to economic and social development and said his recent visit to Africa exposed him to some of the plights of countries like Burkina Faso where, despite noticeable infrastructural investment in the capital, Ouagadougou, development still suffers because of high energy prices. Although Burkina Faso is expected to grow at about 6 percent this year alone.
"If we can lower the prices of energy, if we can get the Sahel region (in Africa) to work as an economic zone, with very fluid trade barriers, if we can attract foreign direct investment, the prospects for growth and development in that region are very high."
The news will certainly bring cheers to African countries who appear to be slidding further behind when the rest of the world moves on the opposite direction.
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* Twitter: @woolwichonline
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To read the full speach of the World Bank President, go here here >>> [.] WORLD BANK PRESIDENT SPEECH.
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