
The second Korean to serve as Vice President of the World Bank Group
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Former Secretary-General of the Asian Development Bank (ADB) Um Woo-jong joined ADB in 1993 and served as Secretary-General of the ADB from 2021 to 2024 after serving as Secretary-General and Director of the Sustainable Development and Climate Change Department. In order to strengthen business accountability and transparency, the World Bank Group established an independent accountability organization by integrating the existing World Bank's Independent Investigation Committee and Dispute Resolution Service and the International Finance Corporation (IFC) and International Investment Guarantee Agency (MIGA)'s Compliance Monitoring and Ombudsman Office.
The Ministry of Finance and Economy announced on the 6th that former Asian Development Bank (ADB) Secretary General Um Woo-jong was appointed as the first vice president of the World Bank Group's (WBG) independent accountability body.
The new Vice President Eom will become the second Korean Vice President of the World Bank Group in July 2024, following Kim Sang-bu, Vice President for Digital and Artificial Intelligence (AI).
He joined ADB in 1993 and has accumulated expertise in the fields of international development cooperation and development finance for more than 30 years, including as Secretary General, Director of Sustainable Development and Climate Change, and then as ADB Secretary General from 2021 to 2024.
The Ministry of Finance and Economy explained that it was significant that a Korean was appointed as the first head of the newly established organization.
The Deputy Governor of the Independent Accountability Body is appointed directly by the World Bank Group Board of Directors. Independently from management, he oversees business-related dispute resolution, compliance review, and advisory functions. In order to strengthen business accountability and transparency, the World Bank Group established this organization by integrating the existing World Bank's Independent Investigation Committee and Dispute Resolution Service, and the International Finance Corporation (IFC) and International Investment Guarantee Agency (MIGA)'s Compliance Monitoring and Ombudsman Office.
The Ministry of Finance and Economy expected that this appointment would further enhance Korea's status within international financial organizations.
The Ministry of Finance and Economy plans to continue to actively support citizens' entry into international financial institutions through high-level consultations with international financial organizations, the junior expert (JPO) and mid-career expert systems, and recruitment briefing sessions.
AI outlook — possibilities, not facts
Korean presence in international financial organizations will increase.
Likely · Within months

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