The Ministry of Economy and Finance announced on the 27th that it had held the 'Korea-World Bank Partnership Fund (KWPF) Results Sharing Event.'
The Korea-World Bank Partnership Fund is a trust fund established in 2013 to expand cooperation between Korea and the World Bank. Its main tasks include supporting or advising developing countries with technology utilizing Korea's expertise and content. To date, it has provided $46.8 billion in grants to support 208 projects in 99 countries.
The theme of the results sharing event held that day at the Park Hyatt Hotel in Busan was 'Agricultural Innovation and Food Security.' About 150 attendees included officials from the World Bank's International Finance Corporation and Agriculture departments, representatives from seven developing countries including Morocco and Kenya, and officials from Korea's Ministry of Agriculture, Food and Rural Affairs, Rural Development Administration, Export-Import Bank, and Korea Information Society Agency.
During the meeting, the Ministry of Economy and Finance and the World Bank shared best practices of applying Korea's innovative technologies and knowledge, such as digital and low-carbon agricultural technologies, in developing countries. They also decided to strengthen cooperation among Korea, the World Bank, and developing countries in the agricultural and food sectors based on this. An opportunity was also provided to introduce outstanding Korean innovative agricultural corporations to government officials from developing countries.
On that day, Director General Moon Ji-sung proposed policy directions for future KWPF projects in the agricultural and food sectors to ensure the sustainability of agriculture in developing countries.
Director General Moon said, "Collaboration with Korean corporations and institutions that have innovative agricultural technologies will be crucial for the sustainability of agriculture in developing countries."
He emphasized, "Korea is a powerhouse in digital and low-carbon agricultural technologies such as smart farms and climate-smart agriculture, and if developing countries expand cooperation with Korean corporations and institutions through the Korea-World Bank Partnership Fund, it will greatly aid innovation in the agricultural sector."