KOREA OFFICE 15 ANNUAL REPORT KOREA OFFICE

KOREA OFFICE FY 15 ANNUAL REPORT KOREA OFFICE

Abbreviations and Acronyms Africa Region Consumer News and Business Channel Country Director/Country Manager Country Office Cross Cutting Solution Areas East Asia and Pacific Region Europe and Central Asia Global Practices Headquarters Human Resources Information and Communication Technology Information Technology International Bank for Reconstruction and Development International Development Association International Finance Corporation Korea Development Bank Korea Exchange Bank Korea EXIM Bank Korea South-East Power Korea Trade-Investment Promotion Agency Korea Water Resources Corporation Ministry of Land, Infrastructure and Transport Ministry of Strategy and Finance Ministry of Trade, Industry and Energy Multilateral Investment Guarantee Agency Program Manager Public-Private Partnerships Science and Technology Policy Institute Science, Technology and Innovation Seoul Broadcasting System South Asia Region State University of New York United Nations Education, Scientific and Cultural Organization Wall Street Journal World Bank World Bank Group AFR CNBC CD/CM CO CCSAs EAP ECA GPs HQ HR ICT IT IBRD IDA IFC KDB KEB KEXIM KOSEP KOTRA K-Water MOLIT MOSF MOTIE MIGA PM PPP STEPI STI SBS SAR SUNY UNESCO WSJ WB WBG

FY15 ANNUAL REPORT Contents FY15 Summary 2 Background 3 Component One Knowledge Sharing 3 a) Outbound Knowledge Sharing: From Korea to the World 3 b) I nbound Knowledge Sharing: From the World to Korea 5 Component Two Business Opportunities within the WBG 6 Component Three Outreach & Partnerships 8 a) Stakeholder Engagements 8 b) WBG Korea Office Establishment & Operations 9 Conclusions 10 Annex 1 - Korean Partners to WBG Programs (excl. private sector) 11 Annex 2 - WBG Korea Office Media Engagements Summary (Valid as of February, 2015) 12 Annex 3 - WBG Korea Office Accomplishments (September 1, 2014 June 30, 2015) 13

FY15 Summary Platform for Knowledge - Over 600 participants to 'Korea Week 2015' and 'Business Opportunities within the WBG' Workshop - Over 15 Korean institutions connected to WBG units - 4 WBG reports to advise Korea's development challenges Private Sector Engagements - 7 projects, totaling over US$3.5 billion, financed by IFC - 1 project, worth US$83 million, guaranteed by MIGA with 4 additional projects ongoing for approval Outreach & Partnerships - Over 5 Public/Student Engagements - 42 Media Engagements - Exposure of staffs to global training programs 60 Years of Partnership Celebration (1955-2015) 2015 marks the 60 th anniversary of the deep partnership between the WBG and Korea, since Korea joined IBRD in 1955. From Korea Week and 60 Years of Partnership Timeline to media engagements by senior management, the WBG Korea Office made significant developments and achievements in reaching out to the Korean development practitioners and public. As a global institution, interactions and concrete partnerships with international communities have been utilized, ones that have leveraged Korea s unique development experience. 02 FY15 ANNUAL REPORT

World Bank Group (WBG) Korea Office FY15 Annual Report September 1, 2014 June 30, 2015 Background The first operational year of the WBG Korea Office has been characterized by establishing office operations and leveraging partnerships to organize events and devise analytical products that have been driven from demand by local clients and internal WBG units. In addition, year 2015 marks a focal point of the WBG-Korea partnership, celebrating the 60 th anniversary since Korea joined the IBRD in 1955. As such, the WBG Korea Office has focused on strengthening and deepening the partnership, initiated by Korea Week 2015 Retrospect and Prospect, a weeklong conference in Songdo. This report focuses on implementation of 3 components: i) Knowledge Sharing, ii) Business Opportunities within the WBG, and iii) Partnerships & Outreach. Component One Knowledge Sharing a) Outbound Knowledge Sharing : From Korea to the World The WBG Korea Office is built on the 60 years of partnership between the WBG and Korea, strategically utilizing Korea s unique development experience. Outbound knowledge sharing focuses on disseminating Korea s experience, using WBG s global and local presence. Activities Korea Week 2015 Retrospect and Prospect. A weeklong conference was held in Songdo, co-hosted with MOSF, (June 1, 2015 June 5, 2015) to celebrate the 60 years of partnership and facilitate innovative partnerships between the WBG units and Korea institutions, which attracted over 400 participants. The event showcased WBG programs in partnership with Korea through plenary, thematic sessions, and 4 side events 1. Korea Week attracted participants from a wide range of organizations including 12 representatives from embassies, 13 representatives from international organizations, 16 representatives from developing countries and over 70 representatives from Korean private sector firms. Internally, within the WBG, 2 vice presidents opened the plenary sessions with more than 8 senior directors and directors present. This provided an opportunity to not only promote the office but also Korea s unique development experience within the WBG and globally. 1 4 side events include: i) International Tax Conference for Development and Growth, WB-Korea Development Forum, ii) WBG 2nd Annual Korea Green Innovation Days Leveraging Green Growth for Climate Change Action, iii) Perspectives on Economic Transitions, and iv) Governance of State-Owned Enterprises (SOE): State Oversight and Performance Monitoring in East and South Asia FY15 ANNUAL REPORT 03

Korea Week Participants by Group Category Numbers Ratio External 239 (58.29%) Press 10 (2.44%) Speaker 42 (10.24%) VIP 34 (8.29%) World Bank Group 85 (20.73%) Total 410 WBG-Korea Partnership Factsheet. As an exercise to identify the overall partnership between the WBG and Korea, the first one of its kind, the factsheet recorded over 20 partnerships and programs that are currently ongoing, valid as of February 2015. Collaborating with key WBG units including GPs/CCSAs, the partnership with over 50 Korean institutions covered 12 GPs and 4 CCSAs, focusing on beneficiary regions of East Asia Pacific and South East Asia (as for the full list of Korean partners, identified, please refer to the annex 1 - Korean Partners to WBG Programs (excl. private sector)). From the WBG-Korea Partnership Factsheet, the office identified the sectors that WBG units were most actively engaged in, including Transport & ICT, Urban, Education and Finance & Markets. Comprehending the sectors where Korea has comparative advantages was significant in that the WBG Korea Office plans to leverage Korea s expertise in outbound knowledge sharing with focus on these sectors through enhanced cooperation with GPs and CCSAs. Transport & ICT Urban Education Finance & Markets Connecting Korean Institutions to WBG Units. The office, throughout FY15, found significant demand from the WBG units and developing countries that aspire to understand and learn from Korea s development experience. The office facilitated connecting leading Korean institutions to WBG programs. Through collaborative efforts, there has been progress in joint research and successful opening of international conferences. 04 FY15 ANNUAL REPORT

Select Examples of Liaison Activities No. Requests (from) Institutions Connected 1 Pacific Possible Initiative (WBG) Korea EXIM Bank; Korea Labor Institute; Ministry of Oceans and Fishery; Ministry of Sports, Culture and Tourism 2 International Conference on STI and Development (STEPI) Transport & ICT GP 3 Finance & Markets GP Bank of Korea; Financial Supervisory Service; Korea Institute of Finance; Korea Capital Markets Institute 4 Public-Private Partnerships CCSA Ministry of Land Infrastructure and Transport 5 Health GP National Health Insurance Service; Ministry of Health & Welfare 6 Trade & Competitiveness GP Korea Development Institute; Korea Trade Promotion Agency; Ministry of Trade, Industry and Energy Roundtable with Young Entrepreneurs. The informal discussion between Jim Yong Kim, WBG President, and over 20 young entrepreneurs of Korea took place to provide an open-unstructured forum to exchange ideas. The office identified and created a network of the entrepreneurs to encourage investing in developing countries and was positioned as a potential partner in future business developments. nbound Knowledge Sharing: From the World to Korea b) Inbound Knowledge Sharing: From the World to Korea The WBG is a global institution with over 130 country offices. The focus of inbound knowledge sharing is to provide Korea with in-depth knowledge and world class research that will serve as the foundation for policies and strategy. Activities WBG Reports Global Knowledge to Korea. WBG reports on key sectors of Korea s interest include: i) Ageing in East Asia and Pacific, ii) Global Economic Prospects and iii) Urbanization in East Asia and Pacific, of which, the latter two have been published through the Korean media. For the ageing report, the WBG Korea Office is coordinating with internal units to launch the report near to the end of 2015. World Education Forum. As the world s largest forum on education, the WBG Korea Office facilitated the visit of the WBG President and representatives of the Education GP to share global research and guide policy direction, promoting Korea in the global field of education. Co-hosted by the Ministry of Education, Korea, and UNESCO, the forum hosted government ministers from over 100 countries to devise the Incheon Declaration. From logistical support to coordination with related organizers, the WBG Korea Office contributed to the overall framework of the event. FY15 ANNUAL REPORT 05

Component Two Business Opportunities within the WBG There has been an increasing interest from the Korean firms to participate in business opportunities within the WBG. From procurement to services provided by IFC and MIGA, the WBG Korea Office organized and hosted events that encouraged understanding of how the Korean private sector can partner with the WBG in their business plans. Activities Business Opportunities within the WBG Workshop. Co-hosted with Korea EXIM Bank (KEXIM), the workshop provided detailed knowledge on procurement opportunities and services provided by IFC and MIGA. From guidelines to preparation of procurement, the WBG Korea Office invited Elmas Arisoy, East Asia & Pacific procurement manager, to provide guidance on how Korean firms can further be a business partner to the WBG. With over 200 participants from the Korean private sector, the overall feedback was very positive with further requests for sequential workshops. The WBG Korea Office plans to continue hosting the workshops, incorporating the comments and evaluations from the first workshop. The participants have responded that the delivered information during the workshop was extremely useful for future opportunities with the WBG. The overall ratings of each session were positive and the attendees indicated that they were satisfied with the workshop but they would like to hear and learn from Korean firms that were successful in procurement opportunities. Feedback from the Workshop 100 80 85 80 81 86 77 85 92 88 PERCENTAGE 60 40 20 0 15 19 17 0 1 2 4 0 1 14 1 2 3 4 5 6 7 8 19 14 0 8 0 12 SESSIONS (7 AND 8 REFER TO OVERALL EVALUATION SCORE) Unsatisfactory Neutral Satisfactory IFC Partnership with Korea. IFC has actively promoted and developed partnerships with Korean enterprises looking to invest in emerging markets. Since 1969 to date, IFC invested around $4.0 billion for its own account and mobilized another $6.5 billion in over 100 projects helping Korean entities expand in developing countries. 06 FY15 ANNUAL REPORT

FY15 Committed Projects with Korean Entities No. Project Country Description Sponsor/EPC/Bank Project Size (USD Millions) IFC (USD Millions) 1 Hana Rights Issue Indonesia Equity in KEB Hana Indonesia KEB Hana Bank Rights Issue Equity:10 2 Gulpur Hydro Pakistan 102 MW hydro power plant Korea South East Power, Daelim, Lotte, Kexim 365 Debt:60 B Loan:70 3 China Gas China Gas Distribution SK E&S, KDB, KB Bank, Shinhan, Woori 1000 Debt:143 B Loan:357 4 ACWA Kirikkale Turkey 928 MW gas power plant Samsung C&T, Kexim, KDB 1000 Debt:125 B Loan:45 5 Arabia One Solar Jordan 10 MW solar power plant Hanwha E&C 30 Debt:10.6 B Loan:10.6 6 Adana Health Turkey Integrated health campus KDB 470 Debt:46.16 B Loan:35.7 7 Panca Amara Utama Indonesia 2,000 MT/ day gas plant KDB 800 Debt:94 B Loan:415 MIGA Partnership with Korea. Since the establishment of the institution in 1988 when Korea acquired membership as a founding member, two deals have been completed until 2012. MIGA Korea Office recently delivered a new project in FY15. Moreover, MIGA has 4 ongoing projects which may be approved subject to due-diligence, internal and board approval. At the business development stage, there are 10+ projects in the pipeline, showing progress and expansion in programs and its presence. Delivered No. Project Host Country Guarantee Amount (USD mil) Guarantee Holder 1 Lukoil Gas Development Uzbekistan 120 BNP Paribas (KDB) 2012 2 Star Hydro Pakistan 149 K-Water, Daewoo 2012 3 Gulpur Hydro Pakistan 83 KOSEP, Daelim, Lotte 2015 Year Ongoing: Subject to Due-diligence, Internal and Board Approval No. Sector Region Expected Guarantee Amount (USD mil) Guarantee Holder Year (Expected) 1 Health ECA 80 FI 2015/16 2 Extractive Industry AFR 110 FI 2015/16 3 Power SAR 120 SI 2016/17 4 Power AFR 200 SI 2016/17 FY15 ANNUAL REPORT 07

Component Three Outreach & Partnerships a) Stakeholder Engagements An important role of the office is to promote Korea s brand globally, both in terms of its human capital and development experience, internally within the WBG and externally. In this context, the office led various partnerships and programs to achieve this goal. Activities Cooperation with International Organizations. Songdo currently houses 11 international organizations, each with its respective expertise and partners. The WBG Korea Office collaborated with other international organizations and local universities to establish the International Organizations Network in Songdo in April 2015, attended by over 40 participants. Senior Management Visits. FY15 marked several senior management visits for conferences and meetings. Key visits include: i) Jim Yong Kim, WBG President, ii) Axel van Trotsenburg, Vice President, East Asia and Pacific, iii) Joachim von Amsberg, Vice President, Development Finance (DFi), and iv) Keith Hansen, Vice President, Education GP. In addition, the World Bank Country Director for Korea visited Korea 4 times in the fiscal year to strengthen and deepen the partnership with the Korean government. Facilitating and leveraging these visits, the WBG Korea Office enhanced the visibility of Korea s development experience and role as a growing donor internally within the WBG. Such advocacy also includes promotion of Korea in other WBG country offices. Media Engagements. In all WBG Korea Office activities, media plays a critical role in promoting Korea within the WBG and the WBG Korea Office to the public. Through various methods of engagements, leveraging senior management visits, events and outreach activities, the office has continued to interact with the public as well as support global knowledge/reports being disseminated in Korea. A total of 42 media engagement plans and activities have been completed by the office. For details of media engagements, please refer to the Annex 2 Media Engagements Summary. Media Engagements in FY15 No. of related materials published 12 8 4 0 Web Packages Global Knowledge Disseminated Op-ed CD/CM Outreach Senior Management Interviews Media Activities 08 FY15 ANNUAL REPORT

Public/Student Engagement. The WBG Korea Office has worked with Korean partners to raise awareness on development issues by the public/students. As outlined in the establishment agreement, the office has proactively communicated with youths and the public to encourage their participation in development agenda as well as expanding the office s reach and presence. Examples of forums/institutions where the WBG Korea Office gave lectures/speeches and hosting of the students include: 1. George Mason University 2. Women and Growth Potential Forum 3. Hankuk University of Foreign Studies 4. Yonsei University 5. Ministry of Justice b) WBG Korea Office Establishment & Operations The first operational year, like many other WBG country offices, is accompanied by challenges of establishing its infrastructure and recruitment to initiate its programs and activities. This requires not only coordination among the WBG units but also strong links with local vendors that will lead to long term partnerships. In addition, the WBG Korea Office promotes active development of local talent, to assist in training them to thrive in their given position. From its success, new WBG country offices have requested to learn from the WBG Korea Office s experience. Activities Collaboration for Office Establishment With inputs from the WBG units and local vendors including WBG IT support, the office became fully operational. Moving forward, devotion to strengthened relationships with vendors and supporting the local economy will be a priority of the WBG Korea Office. WBG Customized Training. As of June 30 th, the WBG Korea Office has 14 staffs onboard. For career development, there has been strong encouragement to expose local staffs to global training offered by the WBG. This includes visits from WBG HR Manager, Ombudsman, Country Survey Group representative as well as sending staffs to WBG training abroad in Bangkok, Beijing and Washington D.C. FY15 ANNUAL REPORT 09

Staffing Information IBRD, IFC and MIGA 10 6 5 Female 4 Male 0 2 IBRD MIGA IFC 1 1 Referrals of Korean Nationals within the WBG. Korea boasts outstanding human capital who can contribute to solving the development challenges. Accordingly, the WBG Korea Office has developed and maintained a database of Korean nationals to refer for possible job opportunities in the WBG. Based on the successful cases of the referral, the WBG Korea Office further plans to promote Korea s talent to the WBG. Conclusions Overall, the WBG Korea Office has made progress on each of the 3 components that drive comparative advantages of the office. The WBG Korea Office is unique in that it carries out both programs and liaison activities, in comparison to many other donor offices that focus on either of the two. The first operational year has been successful in terms of establishment, expanding networks, and responding to the demand by WBG units and local partners. Key lessons from the 1 st operational year include: 1. WBG and Korean partners can broaden and deepen mutual understanding of respective agencies operations and practices. 2. There is scope to focus on key sectors/areas of Korea s comparative advantage for knowledge sharing. 3. Channels to further connect the Korean private sector with opportunities within the WBG can enrich the partnership. 4. Engagements with the public, media, and international organizations are seen as key to raising awareness on current development issues, and Korea supported WBG programs and partnerships. 5. Onboarding to the WBG organizational culture and systems is a gradual process. 6. WBG training and exposure to networks have space to scale up for staff to increase their professional development. Moving forward, the WBG Korea Office has consulted with MOSF in developing a shared vision as well as the Implementation Plan during the workshop on August 28 th, 2015. Based on the Implementation Plan with country indicators, the WBG Korea Office will coordinate with internal units and development partners to expand activities based on the 3 components of comparative advantage for the office. 10 FY15 ANNUAL REPORT

Annex 1 - Korean Partners to WBG Programs (excl. private sector) No. Organization No. Organization Korea Education Research & Information Service 1 (KERIS) 2 Bank of Korea (BOK) Health Insurance Review and Assessment Service 3 (HIRA) 24 Korea Securities Depository (KSD) 25 Korea Transport Institute (KOTI) 26 Korea Water Resources Corporation (K-Water) 27 Korean Communication Commission (KCC) 4 5 Human Resources Development Service of Korea (HRD Korea) Institute of Information Technology Advancement (IITA) 28 Korean e-procurement System (KONEPS) 29 Korean International Cooperation Agency (KOICA) 30 LX Corporation 6 KDI School 7 KEMCO New & Renewable Energy Center (NREC) 31 Ministry of Education (MOE) 32 Ministry of Health and Welfare (MOHW) 8 Korea Advanced Institute of Science and Technology (KAIST) 33 Ministry of Land, Infrastructure and Transport (MOLIT) 9 Korea Capital Market Institute (KCMI) 10 Korea Development Institute (KDI) 11 Korea Energy Management Corporation (KEMCO) 12 Korea EXIM Bank (KEXIM) 13 Korea Financial Intelligence Unit (KoFIU) 14 Korea Highway Corporation (KHC) 15 Korea Industrial Complex Corporation (KICOX) 16 Korea Information Society Development Institute (KISDI) 17 Korea Institute of Finance (KIF) 18 Korea Institute of Public Finance (KIPF) 19 Korea Land and Housing Corporation (LH) 20 Korea National IT Promotion Agency (NIPA) 34 Ministry of Strategy and Finance (MOSF) 35 National Emergency Management Agency (NEMA) 36 National Health Insurance Service (NHIS) 37 National Information Society Agency (NIA) 38 National Institute of Health (NIH) 39 National Pension Service (NPS) 40 Seoul Institute (SI) 41 Seoul Metropolitan Government (SMG) 42 Seoul National University (SNU) 43 Statistics Korea (KOSTAT) 44 Sudokwon Landfill Site Management Corporation (SLC) 45 SUNY Korea 21 Korea Research Institute for Human Settlements(KRIHS) 46 World e-governments Organization of Cities and Local Governments (WeGO) 22 Korea Research Institute for Vocational Education & Training (KRIVET) 23 Korea Rural Economics Institute (KREI) FY15 ANNUAL REPORT 11

Annex 2 - WBG Korea Office Valid as of February, 2015 4 Senior Management Visits Visit by Jim Yong Kim, President, in November, 2014 prepared media plan, media engagements, talking points, media monitoring report. Visit by Jim Yong Kim in May, 2015 prepared media plan, media engagements, talking points, media monitoring report. Visit by Axel van Trotsenburg, Vice President, in June, 2015 prepared media plan, media engagements, talking points, media monitoring report. Visit by Keith Hansen, Vice President, in May, 2015- prepared media engagement. 5 Web packages published (results profiles, features) Updated press release, feature stories and web package on the website about Jim Yong Kim visit to Korea, Korea office 1st year anniversary, Bank of Korea Governor s visit. Updated press release, feature stories and web package on the website about Business Opportunities within the World Bank Group workshop. Updated press release, feature stories and web package on the website about Korea Week 2015. 8 Global/regional knowledge products disseminated Translated and disseminated press releases about Bank s flagship knowledge products such as Doing Business 2015; Global Economic Prospect 2015; East Asia Urban Report and ensured news coverage in Korea s key media outlets. Translated and disseminated press releases about Global Economic Prospect 2015 (January); Urbanization in East Asia and ensured news coverage in Korea s key media outlets. Media Engagements Summary Translated and disseminated press releases about EAP Economic Update; Global Education Financing; Global Economic Prospect 2015 (June) and ensured news coverage in Korea s key media outlets. 8Op-eds placed Jim Yong Kim op-ed (Shared Prosperity: A Goal to Reduce Inequality) placed in The Korea Herald, and The Korea Economic Daily. Axel van Trotsenburg op-ed (East Asia Urbanization) placed in The Korea Herald. Jim Yong Kim, President, education speech translated and disseminated. Axel van Trotsenburg op-ed (East Asia Urbanization) placed in The Korea Herald. Jim Yong Kim s op-ed (Final push to end extreme poverty) placed in The Korea Herald. President Jim Yong Kim s op-ed (Welcoming new partners to fight an old enemy) placed in The Maeil Economic Daily. Former Korean Finance Minister Hyun s op-ed on the 60 year partnership placed in The Maeil Economic Daily. 7 Proactive CD/CM outreach (op-eds, print interviews, broadcast interviews, online outreach, blogs, etc.) Joyce Msuya, Special Representative, interview with TBS efm. Elmas Arisoy, EAP Regional Procurement Manager, interview with The Construction Economy Daily. Joyce Msuya interview with Arirang TV. Joyce Msuya interview with the Ministry of Justice Magazine. 10 Senior Management Interview Jim Yong Kim s interview with WSJ, Chosun Ilbo, Reuters during his visit in November, 2014. Jim Yong Kim s interview with Chosun Ilbo, CNBC, and Yonhap News during his visit in May, 2015. Axel van Trotsenburg s interview with Korea Herald, Chosun Ilbo, and Arirang TV. Keith Hansen s interview with Korea Economic Daily. 12 FY15 ANNUAL REPORT

Annex 3 - WBG Korea Office Accomplishments September 1, 2014 June 30, 2015 Program/ Partnership Description & Events /Activities Objectives Target Audience Local Partners /Clients Achievements /Comments Knowledge Sharing (Outbound and Inbound) Korea Week 2015 Retrospect and Prospect A weeklong conference in celebration of 60 years of partnership between the WBG and Korea, and created a package of promotion materials to disseminate to country offices and internal WBG units (June 1-5, 2015) Celebrate 60 years of strong partnership between the WBG and Korea, and showcase WBG programs in partnership with Korea through plenary, thematic sessions, and 4 side events. Collaborate with Korean institutions to enhance partnership and devise concrete future directions of the partnership. Engage with the public on raising awareness of developed issues and WBG recruitment. Representatives of Korean institutions, private sector firms, and the general public who are interested in international development Ministry of Strategy and Finance (MOSF; Co-host), Major Korean institutions as thematic partners under specific sectors of the conference The conference attracted over 400 participants including representatives from Korean institutions, WBG internal units, country delegations, heads of international organizations and ambassadors. It provided a platform to disseminate Korea s unique development experience through the WBG and also gave opportunities to discuss new partnerships within specific sectors. In addition, the public engagement day provided a chance for students to discuss and network with WBG representatives. The package of promotion materials, including the 60 Years of Partnership Timeline, has been cited as an example of best practices and has been disseminated to WBG country offices around the world. Business Opportunities within the WBG One day workshop organized for representatives of Korean firms (April 2, 2015) Introduce and provide guidelines for Korean firms to participate in the World Bank procurement process/ bidding. Introduce outline of works and provide potential engagement opportunities with IFC/ MIGA. Representatives Korea Exim bank of Korean private (KEXIM; Co-host) sector firms and consultants looking to expand their business with the WBG The WBG Korea Office invited internal procurement experts and hosted over 200 participants from Korean firms. As private sector involvement is considered critical in achieving the twin goals of the WBG, the office plans to continuously engage with local companies and host workshops in the future based on the positive feedback and demand from local firms. Connecting Korea to WBG Units Connected WBG GPs/ CCSAs and country offices to local partners for concrete deliverables and provide on-site support (Ongoing) Share the comparative advantages of the WBG with Korean institutions. Connect WBG units to Korean expertise for dissemination of Korea s development experience. Development professionals and country clients of the WBG Korea Labor Institute (KLI), Ministry of Foreign Affairs (MOFA), Korea International Cooperation Agency (KOICA), Science and Technology Policy Institute (STEPI) As a WBG office, hosting World Bank, IFC, and MIGA, Korea office has been effective in connecting the WBG units (GPs/ CCSAs, country offices) to Korean partners. For programs and events carried out by the WBG units, such as World Education Forum, Pacific Possible Initiative, International Conference on STI and Development, and requests by Finance & Markets GP, Public- Private Partnerships CCSA, the office facilitated connection with appropriate counterparts for partnership and also provided onsite support for efficient operations. FY15 ANNUAL REPORT 13

Program/ Partnership Description & Events /Activities Objectives Target Audience Local Partners /Clients Achievements /Comments Roundtable with Young Entrepreneurs on Innovation for Creative Economy in Korea An informal roundtable discussion with Jim Yong Kim, WBG President (November 5, 2014) Encourage young entrepreneurs of Korea to expand their business vision to developing countries. Young entrepreneurs in Korea looking to expand to developing countries N/A The roundtable discussion between the WBG President, Jim Yong Kim, and young entrepreneurs of Korea took place to provide an openunstructured forum to exchange ideas where Korea Office was positioned as a potential partner for entrepreneurs looking to invest in developing countries. Knowledge Development WBG-Korea Partnership Factsheet Created an extensive report on the partnerships and programs between the WBG and Korea (February 10, 2015) Identify and compile the partnerships and programs that the WBG is currently carrying out in partnership with Korean institutions. Probe for future directions of partnerships and programs. Internal WBG units and members of the WBG Korea Office N/A The information has been collected in close collaboration with different WBG units. The WBG Korea Office has recorded 20 programs that are currently ongoing in partnership. The office plans to utilize this resource to identify where partnerships can expand as well as strengthening the existing partnerships. WBG Korea Office Business Plan FY 16-17 Currently in the process of devising a business plan that incorporates the twin goals, and vision of the Korea Office (Ongoing) Create an office wide vision and plans for activities and engagements for the upcoming fiscal years. Cooperate as one WBG to leverage on the presence and expertise of WBG units in Korea Office for collaborative efforts. Internal WBG units and members of the WBG Korea Office N/A The office is currently in the process of developing its initial business plan. Its initial strategic aims are: 1. Utilize Korea s unique development experience through innovative partnership and knowledge sharing, 2. Strengthen engagement and communications with development partners and stakeholders, 3. Promote private sector participation. Partnership Building and Outreach (International and Domestic) Senior Management Visits to Korea Hosted senior staffs of the WBG coming to Korea (Ongoing) Promote strategic engagements between the WBG and Korea, and advocate Korea s role as a donor within the institution. N/A Ministry of Strategy and Finance (MOSF) Senior management visits, since the office was established in 2013, include: i) Jim Yong Kim, President; ii) Axel van Trotsenburg, Vice President; iii) Joachim von Amsberg, Vice President; iv) Keith Hansen, Vice President. In addition, the presence of senior directors and internal staffs have strengthened the position of Korea internally within the institution. The office will continue to encourage strategic visits for concrete deliverables and improve the positioning of Korea in the international society. 14 FY15 ANNUAL REPORT

Program/ Partnership Description & Events /Activities Objectives Target Audience Local Partners /Clients Achievements /Comments Cooperation with International Organizations Established and in the process of expanding a network of international institutions in Songdo in partnership with SUNY Korea (Ongoing) Leverage the concentrated presence of international institutions in Songdo to disseminate Korea s development experience and lessons. Share knowledge, experience, and expertise through the network for synergy in deliverables. N/A Green Climate Fund (GCF), UN Agencies, Global Green Growth Institute (GGGI) Through coordination with SUNY Korea, the international community in Songdo established the International Organizations Network in Songdo. The network provided a platform to expand its strategic partnerships for the WBG Korea Office. Moreover, in carrying out its operations, the office has communicated with international organizations in Korea to effectively share Korea s development experience to the international society. Public/ Student Engagement Provided public Raise public lectures and networking awareness and create opportunities for students opportunities to and public (Ongoing) interact on international development issues. Promote and provide learning opportunity on the vision and role of the WBG and Korea Office. Students and general public who are interested in international development and working in the WBG Hankuk University of Foreign Affairs (HUFS), Global Campus Songdo Representatives from the WBG Korea Office has communicated with local universities for public lectures, career fairs, and networking opportunities for students and the public. Lectures were held at HUFS, George Mason University. Media Engagement Arranged media interviews for the WBG senior staff, and placed op-eds and press releases (Ongoing) Showcase Korearelated WBG portfolios by disseminating relevant knowledge products of the WBG s operations units to the local client groups. Convey the WBG s global vision and activities to the Korean public while raising the personal profile of the WBG s senior management International audience, private and public sector opinion leaders, and Korean taxpayers Leading media outlets such as Chosun Ilbo, Maeil Economic Daily, Korea Herald, Yonhap News, SBS, Arirang, WSJ, and Associated Press Korea s leading print and broadcast media outlets have carried interviews, op-eds, and press releases on the bank s global, regional and national level activities and key achievements. Communications engages as a cross-cutting support to promote major events of the WBG in Korea. FY15 ANNUAL REPORT 15

Program/ Partnership Description & Events /Activities Objectives Target Audience Local Partners /Clients Achievements /Comments Office Establishment and Operations Establishment Established office and Expansion operations and systems, of Office and supported team Operations members training, and hosted diverse WBG units including Finance & Markets GP and Leadership, Learning & Innovation (LLI) (Ongoing) Cooperate with local businesses to develop the infrastructure and services of the office. Expose office members (Korean nationals) to global network and training opportunities that the WBG offers. N/A Local Vendors Since Korea Office became operational, it has continued to support and collaborate with vendors in Songdo to effectively manage office operations. Internal units and vendors have contributed in establishing office systems and IT support. Moreover, for new local staffs, the office provides continued support for career and skills development including trainings and hosting visits from senior HR staffs including Geremie Sawadogo, Manager of Talent Acquisition and Davide Bonzano, Senior Manager of Client Services. Referral of Korean Nationals within the WBG Created a database of Support Korean qualified Korean nationals nationals to potential for referrals (Ongoing) opportunities within the WBG and nurture future development experts. N/A N/A Korea Office has referred local candidates to recruitment opportunities within the WBG internationally. The office plans to assist capable Korean nationals as development practitioners who, in the long term, can contribute to international development and achieve the twin goals. Private Sector Participation International Finance Corporation (IFC) Co-hosted several events including: i) WBG Partnering with Korea s Private Sector in Developing Countries ; ii) Outreach programs to Korean firms including K-Sure, Hyundai E&C, LG CNS. iii) Speaking in various events hosted by Korean entities such as International Contractors Association of Korea, Barclays, KOTRA, KEXIM (Ongoing) Engage and encourage Korean private sector investment into developing countries by providing financing and sharing local country/ company knowledge and networks. Strengthen partnerships with Korean firms and raise awareness on the challenges/ opportunities of investing into developing countries. N/A Private and State owned entities such as Hanwha E&C, Samsung C&T, Korea South East Power, Daelim, Lotte, Korea Southern Power, KEB Hana Bank, Shinhan Bank, KEXIM, Korea Development Bank MOSF, MOTIE, MOLIT. IFC Korea office s recent developments with Korean sponsors in FY15 include the following: - Arabia Solar One (US$ 11M A, US$ 11M B loan), a 10 MW solar IPP in Jordan by Hanwha E&C and Ennera, committed in Sep 2014. - Kirikkale (US$ 125M A, US$ 45M B loan), a 950 MW gas power plant in Turkey by Acwa and Samsung C&T, committed in Dec 2014. - Gulpur Hydro (US$ 60M A, US$ 70M B loan), a 100 MW hydro power plant in Pakistan by Korea South East Power, Daelim and Lotte E&C consortium, committed in May 2015. 16 FY15 ANNUAL REPORT

Program/ Partnership Description & Events /Activities Objectives Target Audience Local Partners /Clients Achievements /Comments Multilateral Investment Guarantee Agency (MIGA) Co-hosted seminars/ conference in partnership with Korean institutions including: i) WBG Partnering with Korea s Private Sector in Developing Countries ; ii) Investing in Emerging Markets: Tri-party Cooperation among Investors, Financiers and the Public Sector ; and iii) Outreach programs to Korean firms including K-Sure, Hyundai E&C, LG CNS (Ongoing) Encourage Korean private sector investment into developing countries by providing political risk guarantees. Strengthen partnerships with Korean firms and raise awareness on the challenges/ opportunities of investing into developing countries. N/A Private and State owned entities such as Daewoo E&C, Daelim, Lotte, Korea Development Bank, K-Water, Korea South East Power, Korea Southern Power MIGA Korea Office has closed a guarantee contract (total guarantee amount: $82.7 million) with Korea South East Power, Daelim Industrial, and Lotte E&C for their equity investments in US$ 370M Gulpur Hydro Project in Pakistan. In addition, MIGA Korea Office is in the process of underwriting for 3 projects (FY 16-17), which are: - US$ 120M Upper Trishuli Hydropower Project in Nepal - US$ 2B Refinery Project in Gabon - US$ 790M Gaziantep PPP Hospital Project in Turkey * The final decision on support is subject to MIGA internal and board approval. Staffing: - As part of the ongoing corporate restructuring, MIGA has decided to discontinue the position of analyst in the MIGA Korea office as of October 1, 2015. FY15 ANNUAL REPORT 17

FY 15 ANNUAL REPORT WORLD BANK GROUP KOREA OFFICE 37F. POSCO E&C Tower 2, 241, Incheon tower-daero, Yeonsu-gu, Incheon, Korea Tel: 82-32-713-7000 Fax: 82-32-713-7040 http://www.worldbank.org/korea