South Korea pledged Thursday to provide U30 million to the local office of the World Bank by 2023 in an effort to promote cooperation with the international organization.

South Korea's Ministry of Economy and Finance made the pledge in a conference in Seoul on innovative technology, which it hosted with the Korean office of the World Bank and the International Development Association.

The conference was the first face-to-face forum held by the World Bank since the COVID-19 pandemic hit the globe early this year.

"South Korea will provide $30 million in financial support to the Korean office of the World Bank over the next three years in a bid to contribute to the global economic recovery through the use of innovative technology," Yoon Tae-sik, a ranking ministry official, said in a welcoming message.

Yoon said it is important to enhance innovative and digital technology in a bid to tide over the pandemic-caused health and economic crisis.

The World Bank plans to nurture its Korean office as a hub on innovative technology to support the goal of sustainable development.

The conference brought together top envoys in Seoul from countries that included Paraguay, Colombia and Honduras, and domestic digital experts. Ministerial level officials from developing countries like Uganda and Bangladesh, and civil experts also virtually took part in the event. (Yonhap)