The Asian Development Bank (ADB) will establish a cooperative office in South Korea focused on climate technology collaboration, marking the first time in over a decade that a multilateral development bank has set up operations in the country.
Deputy Prime Minister and Finance Minister Choo Kyung-ho signed an agreement with ADB President Masato Kanda to establish the Korea Climate Technology Hub (K-Hub) in Seoul, the finance ministry said.
The hub will serve as a platform for sharing climate technology and policy expertise with Asian countries, facilitating new project connections and building regional networks for climate response cooperation.
The office represents the first multilateral development bank presence in Korea since the World Bank established its Seoul office more than 10 years ago. The government expects the hub to enhance Korea’s standing in international finance and development cooperation.
“I hope cooperation will expand in supporting the Asian region using advanced technologies such as AI,” Choo said during the virtual signing ceremony, according to the ministry statement.
The deputy prime minister also invited Kanda to attend the Asia-Pacific Economic Cooperation (APEC) finance and structural reform ministers’ meetings scheduled for October in Incheon.
“I appreciate Korea’s contributions and will positively consider the invitation to the APEC meeting,” Kanda responded.
The K-Hub will officially open after receiving National Assembly approval.
ADB recently created a vice president-level position overseeing external cooperation amid declining multilateralism, appointing former International Monetary Fund official Kim Sung-wook as Chief Partnership Officer.
Choo expressed hope for increased Korean representation at ADB, to which Kanda said he would “actively consider the advancement of excellent talented individuals.”
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