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Um Woo-chong, new CEO of ADB (Ministry of Economy and Finance) via The Korea Herald
SEOUL – The Asian Development Bank has appointed a Korean international development expert who has been working at the multilateral institution for 27 years as director general, the Finance Ministry said on Monday.
Um Woo-chong, who has served as CEO and, at the same time, compliance director for ADB’s Sustainable Development and Climate Change Department, will take over immediately.
It is the second time that a South Korean has assumed the post since the ADB was established in 1966, after Lee Young-hoi, who held the post from 2003 to 2006.
His role includes supporting ADB President Masatsugu Asakawa to institute consistency across the bank on key initiatives and issues.
“It is a great honor for me to join President Asakawa’s management team and support the implementation of ADB’s Strategy 2030 beyond the COVID-19 pandemic,” Um said.
The strategy refers to ADB’s efforts to eradicate extreme poverty and expand its vision to achieve a prosperous, inclusive, resilient and sustainable Asia and the Pacific by 2030.
“I look forward to using the knowledge and experience that I have gained in the last 27 years at ADB to contribute to our organizational transformation and ensure that we continue to provide high-quality development solutions to our members throughout the region,” he said.
The ADB is owned by 68 members, 49 from the region, and has an authorized capital of $ 163.8 billion. Korea, a founding member of the institution, has the eighth highest share of shares at 5,026 percent. Japan and the US are the largest shareholders in ADB, each owning 15.571 percent of its shares.
Meanwhile, another multilateral development lender, the Asian Infrastructure Investment Bank, will appoint a Korean expert.
Kim Hun, former director general for South Asia at ADB, will be appointed director general of AIIB’s Department of Social Infrastructure in March, according to the ministry.
Upon assuming office, Kim will be in charge of investing in social infrastructure involving healthcare and education, among others.
Founded in 2016, the AIIB has 103 member countries, including 53 non-regional members. Korea is the bank’s fifth largest shareholder at 3.83 percent, after China, India, Russia and Germany.
With two Koreans assuming leadership positions in multilateral financial institutions, the nation will seek to actively contribute to the discussion of global agendas, such as ways to overcome the COVID-19-induced crisis, the transition to a digital and green economy, as well as the climate change. Said Finance Minister Hong Nam-ki.
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