By Park Hyong-ki
The World Bank Group's International Finance Corp. (IFC) further seeks to forge ties with Korean companies to invest in underdeveloped and developing markets in Asia, said Cho Hyun-chan, the new director of the IFC's Asia infrastructure and resources.
"The IFC can further collaborate with Korean investors and invest in equities of companies in those markets, or in projects to develop their infrastructure for their sustainability," Cho said in a telephone interview.
"What we aim to do is create a virtuous cycle in which IFC and its potential partners invest to help those markets grow, gain returns and reinvest those gains. This has always been our ecosystem model."
Cho has been promoted to be the director of IFC Asia, and will be heading and managing its investment portfolios, advisory services, strategy and infrastructure programs for Asian underdeveloped and developing economies.
He will officially begin his new job on Oct. 1. Currently, he is the head of IFC Asia infrastructure based in Hong Kong. IFC is headquartered in Washington, DC.
His new role will include managing IFC's investments in and planning strategies for countries such as Pakistan and Afghanistan, Cho said.
He added it can work with Korean companies to invest especially in electricity companies in those regions.
For instance, IFC has invested with power-generation subsidiaries of the state-run Korea Electric Power Corp. (KEPCO) in Pakistan and Nepal's electric power business.
The institution has also joined hands with Korean banks and Daelim Energy, and invested in Summit Power, one of Bangladesh's largest energy companies, Cho noted.
"There is a lot of need to develop Asian underdeveloped and developing markets' electric power infrastructure. For example, Bangladesh has a population that is three times bigger than that of Korea. But only 20 percent of the population has access to electricity," he said.
In the 1970s when Korea was an underdeveloped economy, IFC invested in Hana Bank and Lucky Goldstar, now LG Electronics.
The World Bank directly handles affairs with governments, providing low-interest loans to underdeveloped and developing economies for their infrastructure development.
The group's IFC directly invests in companies' equities and debts, and offers project financing to the private sector in such regions.
The 50-year-old Cho began his career at IFC in 1999 after graduating from the University of Tokyo with a Ph.D. in engineering. He also holds a master's in engineering from Stanford University, and a bachelor's in the same study from Yonsei University.
He first joined the World Bank Group's IFC through the young professional program, which hires people under 32 with a master's or a Ph.D.
Cho will be one of three Korean directors currently working at the World Bank Group. The other two are So Jae-hyang, director of the World Bank's trust funds and partnerships, and Choo Heung-sik, director of the World Bank's investment management and treasury, according to the Ministry of Economy and Finance.
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| Cho Hyun-chan, director of IFC Asia infrastructure and resources |
"The IFC can further collaborate with Korean investors and invest in equities of companies in those markets, or in projects to develop their infrastructure for their sustainability," Cho said in a telephone interview.
"What we aim to do is create a virtuous cycle in which IFC and its potential partners invest to help those markets grow, gain returns and reinvest those gains. This has always been our ecosystem model."
Cho has been promoted to be the director of IFC Asia, and will be heading and managing its investment portfolios, advisory services, strategy and infrastructure programs for Asian underdeveloped and developing economies.
He will officially begin his new job on Oct. 1. Currently, he is the head of IFC Asia infrastructure based in Hong Kong. IFC is headquartered in Washington, DC.
His new role will include managing IFC's investments in and planning strategies for countries such as Pakistan and Afghanistan, Cho said.
He added it can work with Korean companies to invest especially in electricity companies in those regions.
For instance, IFC has invested with power-generation subsidiaries of the state-run Korea Electric Power Corp. (KEPCO) in Pakistan and Nepal's electric power business.
The institution has also joined hands with Korean banks and Daelim Energy, and invested in Summit Power, one of Bangladesh's largest energy companies, Cho noted.
"There is a lot of need to develop Asian underdeveloped and developing markets' electric power infrastructure. For example, Bangladesh has a population that is three times bigger than that of Korea. But only 20 percent of the population has access to electricity," he said.
In the 1970s when Korea was an underdeveloped economy, IFC invested in Hana Bank and Lucky Goldstar, now LG Electronics.
The World Bank directly handles affairs with governments, providing low-interest loans to underdeveloped and developing economies for their infrastructure development.
The group's IFC directly invests in companies' equities and debts, and offers project financing to the private sector in such regions.
The 50-year-old Cho began his career at IFC in 1999 after graduating from the University of Tokyo with a Ph.D. in engineering. He also holds a master's in engineering from Stanford University, and a bachelor's in the same study from Yonsei University.
He first joined the World Bank Group's IFC through the young professional program, which hires people under 32 with a master's or a Ph.D.
Cho will be one of three Korean directors currently working at the World Bank Group. The other two are So Jae-hyang, director of the World Bank's trust funds and partnerships, and Choo Heung-sik, director of the World Bank's investment management and treasury, according to the Ministry of Economy and Finance.
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