Global financing institutions to receive more Korean investments in 2014

South Korea raising stature in the international community.

South Korea is poised to invest US$8.3 billion to fund key international financial institutions on top of the US$254 million committed for next year.

The Ministry of Strategy and Finance said these global financial bodies include the World Bank, the International Monetary Fund (IMF) and their sister agencies. South Korea is expected to spend most of the budget, or US$7.8 billion, on the IMF with an additional US$35.6 million for the World Bank.

It plans to invest US$12.3 million for the International Development Association and US$6 million for the International Finance Corporation. South Korea will also offer funds to global financial bodies that focus on the Asian and African regions. It plans to provide the Asian Development Bank with US$34 million, with US$4 million going to the African Development Bank and one of its funds.