President Moon Jae-in (second from left) and Asia Development Bank President Takehiko Nakao pose for a photo at Cheong Wa Dae on March 14. (Cheong Wa Dae)

By Yoon Sojung

President Moon Jae-in and Asia Development Bank (ADB) President Takehiko Nakao met in Seoul on March 14 to discuss cooperation on sustainable development across the Asian region. 

President Moon said, “Korea has been working on its New Northern and New Southern Policies in order to share its growth experiences and to pursue co-prosperity and peace with its Asian neighbors across the region.” He said that Korea hopes to work closely with the ADB in order to work toward the goal of achieving innovative growth, inclusive growth and sustainable development. 

Emphasizing the role of the ADB in terms of helping development and growth in Asia, President Moon said, "Korea has now become an aid provider, but it used to receive a lot of aid from the ADB in the past, high-growth era." 

Nakao said, “As an OECD member, Korea has become one of the most prosperous economies in the world and an important aid provider that also makes remarkable contribution to the ADB.”

“I hope the Korean government can make more contributions through its New Northern and New Southern Policies,” said the ADB president. 

For the goal of development and growth in the Asian region, the ADB was established in 1966 with 31 countries, including Korea, and now has a total of 67 members. 

Korea received aid from the ADB for the first time in 1968 for the construction of the Gyeongin Expressway. In 1997, Korea again received a large amount of aid from the ADB to overcome its financial crisis. 

As an ADB founding member, Korea formed the e-Fund and the Knowledge Partnership Fund in 2006, and has been injecting USD 15 million into the bank every year. 

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