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World Bank's Korea office likely to be located in Songdo

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(Globalpost/GlobalPost)

SEOUL, Oct. 6 (Yonhap) -- The government is pushing to house the South Korean office of the World Bank in an international business center west of Seoul, officials said Sunday.

The Cabinet will likely approve a plan to establish the local office of the global financial institution in the Songdo International Business District in Incheon, 40 kilometers west of Seoul, according to the officials.

If the plan passes a Cabinet meeting, it will require parliamentary approval before being finalized, they said.

The World Bank, which specializes in providing loans to developing countries, reportedly wants to locate its South Korean office in Seoul, but the government has pushed for housing it in Songdo.

In June this year, Songdo was selected to house the secretariat of the Green Climate Fund, a United Nations fund aimed at channeling money from industrialized nations to developing countries to help them tackle global warming and other problems related to climate change.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/131006/world-banks-korea-office-likely-be-located-songdo