Seoul, Republic of Korea, November 4, 2019— IFC, a member of the World Bank Group, has appointed Ji Yeon Ryu as its new Resident Representative in Korea. Effective today, Ryu will be responsible for encouraging Korean investments in emerging markets while managing IFC’s relationships with key Korean government agencies, development partners and private sector stakeholders.
IFC has been working closely with Korean corporates and banks on developing projects and investment opportunities across sectors including power, manufacturing, and financial institutions in emerging markets. In 2018, IFC provided a $71 million financing package to fund the construction of the new Daehan Wind Project — the first renewable sector engagement in Jordan by KOSPO and Daelim Energy, and Shinhan Bank. Last week, IFC finalized a $453 million debt financing package to support a landmark hydroelectric plant in Nepal developed by Nepal Water and Energy Development Company, a joint venture of Korea South-East Power, Daelim Industrial, Kyeryong Construction Industrial, IFC and other partners.
“With a growing demand for infrastructure and access to information and communication technologies(ICT), private sector solutions will be critical to accelerate sustainable development worldwide. Korea has been playing a critical role in delivering such solutions,” said Vivek Pathak, IFC’s Director for East Asia and the Pacific.
Since 1985, IFC has provided over $10 billion in financing, including $6.7 billion mobilized from other investment partners, to nearly 100 Korean projects around the world. Nearly half of that financing was delivered after IFC re-established its presence in Korea in 2013 to help Korean entities expand in developing countries.
“I look forward to working with the Korean private sectors to position IFC as the partner of choice for high-impact projects,” said Ryu, IFC’s new Resident Representative in Korea. She added, “With our extensive global experience, IFC is in a position to support Korean sponsors who seek new markets and opportunities in and outside of Asia.”
Ryu joined the World Bank Group in 2007 in Washington D.C. and has worked for various departments at IFC and IBRD in Washington D.C., Paris, and Nairobi, covering Infrastructure Advisory, SME Solutions Program, and Water Global Practice. For the past four - and-a-half years, she was leading a knowledge, portfolio, and conflict sensitivity program as Senior Operations Officer of the Fragile and Conflict-affected Situations (FCS) in Africa Program in the Middle East and Africa region. Before joining the WBG, Ryu had worked for several multinational companies in Asia.
Ryu holds a master’s degree in Public Administration from Columbia University, New York, the United States, and a bachelor’s degree in Political Science and Diplomacy from Dongguk University in Seoul, Korea.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
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