Officials on Oct. 19 pose for a group photo at the Global AI Digital Summit and AI Digital Ministerial Meeting jointly hosted by the Ministry of Science and ICT and the World Bank at the Grand Hyatt Seoul in Seoul's Yongsan-gu District. (Ministry of Science and ICT)

By Jeong Euiseok

A Korean has been appointed a vice president of the World Bank Group (WBG).

The Ministry of Finance and Economy on Nov. 6 said Um Woo-chong, former secretary-general of the Asian Development Bank (ADB), was named the inaugural vice president of the WBG's Independent Accountability Mechanism (IAM).

Um is the second WBG vice president from Korea following Kim Sangbu, who was named vice president for digital and artificial intelligence in July 2024.

The IAM vice president oversees business dispute resolution, compliance reviews and advisory functions independently of WBG management. This mechanism was launched to raise the business accountability and transparency of the group's operations by merging the bank's Inspection Panel and Dispute Resolution Service with the Compliance Advisor Ombudsman, which covers the International Finance Corporation and the Multilateral Investment Guarantee Agency.

With over 30 years of experience in international development cooperation and development finance, Um joined the ADB in 1993 and held senior positions like secretary and director general of its Sustainable Development and Climate Change Department, serving as secretary-general from 2021-24.

He later served as CEO of the Global Energy Alliance for People and Planet.

Seoul described the appointment as international recognition of the expertise and leadership of Koreans, adding that the continued appointment of Koreans to senior WBG positions will further raise the country's standing within global financial institutions.

Um Woo-chong is the inaugural vice president of the World Bank Group's Independent Accountability Mechanism. (Ministry of Finance and Economy)

innocence@korea.kr