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How the World Bank Assists Korea

As a "newly industrialized economy," the Republic of Korea is poised to share the lessons learned from the country's experience of developing into a knowledge-based economy. Korea's relationship with the World Bank is one of collaboration on policies and projects, with the aim to assist and support other countries in the region and elsewhere.

The World Bank works with countries to develop assistance strategies, implement development projects, and to provide technical expertise and funding for poverty-reduction programs in areas such as health, agriculture, and basic infrastructure. In Korea, the World Bank is providing only technical assistance.

  How are Priorities Selected?
  Technical Studies and Reports
  Project Assistance

How are Priorities Selected?

Working with governments and civil society, the World Bank develops an action plan called  Country Assistance Strategy (CAS) to broadly reduce poverty and promote economic development. The strategy describes what type of support and how much could be provided to a country during a 3 year period.

The strategy supports the government's own development program and is specifically designed to the local conditions in the country. It also designates funding targets for projects, studies, and other support.

More information:
  Korea Country Brief: An overview of development progress, challenges, and assistance.

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Technical Studies and Reports

The World Bank also produces studies and reports based upon its own analysis of a given issue.  Topics of research and analysis are outlined in the Country Assistance Strategy.  This research is intended to provide unbiased perspective on a range of specific development challenges.

Additional studies include reviews of economic policies (Country Economic Memoranda), fiscal spending (Public Expenditure Review), environmental reviews (Environmental Action Plan), and other specific topics.

Further discussion of development issues is promoted though workshops and other events. These events increasingly bring together groups such as government, media, and civil society organizations to discuss how best to move forward on a given issue.

More information:
  Korea Publications and Reports
  Korea News and Events

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Projects Assistance

Once a Country Assistance Strategy is drawn up, a country can begin to develop projects with World Bank financing and technical support. A project cycle is created to outline the process of financing, implementing, and evaluating a project. Various financing options are available based upon the type of assistance needed.

Loans or credits for these projects are then submitted for approval to the executive directors, the World Bank's decision-making body representing all member countries. 

It is important to note that the implementation of projects is managed by the government itself. The government establishes an office that is responsible for aspects of implementation, such as procurement and selection of consultants.

Operational policies set guidelines to ensure that projects meet the World Bank's criteria, including social and environmental standards. Project evaluations are also conducted to capture and share lessons for future work.

More information:
World Bank Supported Projects in Korea

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