Former ADB Secretary General Um Woo-chong Appointed World Bank Vice President… Second South Korean to Hold Post

The Ministry of Economy and Finance announced today (Nov. 6) that former Asian Development Bank (ADB) Secretary General Um Woo-chong has been appointed as the inaugural Vice President of the World Bank Group's (WBG) Independent Accountability Mechanism.

Following Sangbu Kim, Vice President for Digital, Artificial Intelligence (AI) appointed in July 2024, the newly appointed Vice President Um becomes the second South Korean to serve as a World Bank Group vice president.

He joined the ADB in 1993, serving as Secretary, Director General of Sustainable Development and Climate Change, and ADB Secretary General from 2021 to 2024, building expertise in international development cooperation and development finance for over 30 years.

The Ministry of Economy and Finance explained that it is highly significant for a South Korean to be appointed as the inaugural head of the newly established organization.

The Vice President of the Independent Accountability Mechanism is directly appointed by the World Bank Group's Board of Executive Directors.

Operating independently from management, the position oversees project-related dispute resolution, compliance reviews, and advisory functions.

To strengthen project accountability and transparency, the World Bank Group newly established this mechanism by integrating the World Bank's existing Inspection Panel and Dispute Resolution Services with the Compliance Advisor Ombudsman (CAO) of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

The Ministry of Economy and Finance expects this appointment to further elevate South Korea's standing within international financial institutions.

The ministry stated that it plans to continue actively supporting South Koreans in advancing into international financial institutions through high-level consultations, Junior Professional Officer (JPO) programs, mid-level expert programs, and recruitment information sessions.
 
(Photo: Capture from ADB website, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.