President Lee Meets World Bank Chief: "We Will Work to Contribute More to the Bank's Work"

World Bank President Banga Meets with President Lee... "Highly Value Its Contributions to the International Community"
Discuss Expanding Development Cooperation in AI and Energy
Banga: "Discussed Creating Jobs and Mobilizing Private-Sector Resources

President Lee Jaemyung met with World Bank Group (WBG) President Ajay Banga at the Blue House on Oct. 19, calling for expanded international cooperation in artificial intelligence (AI). He highly praised the World Bank's achievements in international development cooperation and expressed his determination to increase Korea's contributions.

President Lee Jaemyung shakes hands with World Bank Group President Ajay Banga before their meeting at the Blue House on Oct. 19, 2026. Yonhap News.

Lee met with Banga at the Blue House's Main Building that morning. Referring to the relationship they had built through international summits, Lee said, "We meet quite often," before adding, "I highly appreciate the World Bank's international contributions to date, and we will also work to make greater contributions to the World Bank's work." Banga responded, "I also came to meet with you, the Korean government and business leaders, and to discuss the development of industries that can create jobs and mobilize private-sector resources."

Banga also mentioned meeting Lee at the Group of Seven (G7) and Group of 20 (G20) summits, saying, "I am grateful that you have always welcomed me so warmly." Recalling the G7 summit held in Evian, France, last June, he said, "Your spouse and you joined us in listening to the children sing."

The meeting is significant because it could help turn Lee's "Global AI Basic Society" vision, which he has presented to the international community, into practical development cooperation projects. At the G7 summit last June, Lee emphasized the need to bridge the AI gap between developed and developing countries and presented his vision for a "Global AI Hub." At the United Nations General Assembly last month, he also proposed establishing a cooperation framework involving international organizations, multilateral development banks and industry, to ensure that no country is left out of the benefits of AI development.

Banga is visiting Korea to attend the "Global AI and Digital Summit" in Seoul. The event, co-hosted by the World Bank and the Korean government, will focus on "Small AI," a low-cost, customized form of AI that can also be used in developing countries with limited digital infrastructure. The goal is to boost productivity and create new jobs by providing AI technologies tailored to local needs in areas such as agriculture, healthcare and education.

In the energy sector, the World Bank's "Mission 300" is seen as a potential area for cooperation. The initiative aims to provide electricity to 300 million people in Africa by 2030. Combining Korea's power generation, transmission and distribution technologies with the World Bank's development finance in this project, which is jointly led by the World Bank and the African Development Bank, could yield two benefits: easing electricity shortages in developing countries and helping Korean companies expand into overseas markets.

Those attending the meeting included Deputy Prime Minister and Minister of Finance and Economy Lee Hyeongil from the government, and Blue House Chief of Staff Lim Gwanghyeon, Policy Chief Ha Jungyeong, Senior Secretary for Economic Growth Moon Sinhak, and Senior Secretary for AI Future Planning Lee Haemin.

This content was produced with the assistance of AI translation services.