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News Briefing
The 57th ADB Annual Meeting and Discussions with the ADB President
Jun 2024
Deputy Prime Minister Choi Sang-mok attended the Asian Development Bank (ADB) Annual Meeting from 
May 4 to May 5.

In the Governor’s business session, Deputy Prime Minister Choi discussed the changing landscape in the global economic and development and the direction of the ADB in response to the challenges. Considering the downward risks to the global economy posed by increasing conflicts and geopolitical tensions, Deputy Prime Minister Choi emphasized that the role of the ADB is more vital than ever. 

First, Deputy Prime Minister Choi highlighted the flexible and responsive execution of the Strategy 2030. ADB should take the lead in tackling complex challenges in the Asia-Pacific region such as climate change and regional integration. In this context, Korea is committed to actively supporting ADB’s strategy by participating in the Climate and Sustainability Project Preparatory Fund (CSPPF) as a founding financing  partner.

Second, the Deputy Prime Minister reiterated the significance of mobilizing financial resources to implement these strategic directions. Deputy Prime Minister Choi welcomed the ADB’s attainment of an additional lending capacity of $100 billion and commended the successful replenishment of the Asian  Development Fund 14 (ADF-14), where $5 billion was mobilized. Deputy Prime Minister Choi also emphasized the Korean government’s endeavors to back up those efforts by greatly increasing the size of the EDCF-ADB co-financing by approximately threefold. 

Third, the Deputy Prime Minister Choi discussed the ADB’s new operating model (NOM) as an organizational reform and highlighted ADB’s decentralization efforts. The Deputy Prime Minister asked for the support of ADB and member countries to ensure the success of K-Hub, a new regional office model aimed at  serving as a network hub for climate technology among developing countries.

Deputy Prime Minster Choi also had a discussion with ADB President Asakawa Masatsugu. During the meeting, Deputy Prime Minister Choi and ADB President Masatsugu conducted a signing ceremony for a MOU that renews the EDCF-ADB co-financing agreement, and the Letter of Intent (LOI) to participate in the CSPPF, a new multilateral fund established by the ADB. 

Furthermore, Deputy Prime Minister Choi reaffirmed the Korean government’s commitment to a close cooperation with the ADB in several areas including Korea’s active participation in newly established multilateral funds and increasing the EDCF-ADB co-financing agreement from the current $700 million (from May 2021 to May 2024) to $2 billion (from May 2024 to May 2027) to support development in key growth sectors, particularly in the digital and green sectors.