The Government of Korea has established a trust fund with the World Bank totaling USD15 million to foster the ICT4D agenda in developing countries.

The Trust Fund Administration Agreement was signed at World Bank headquarters by World Bank President Robert Zoellick and Korean Deputy Prime Minister Okyu Kwon during the Bank’s Annual Meetings in Washington, D.C. At the signing ceremony, Katherine Sierra, Vice President for Sustainable Development Network of the World Bank welcomed the establishment of the fund.

"The impact of information and communications technologies on economic growth and poverty reduction can be dramatic. More than ever we are seeing and appreciating the links between work in ICT and development outcomes on the ground. The Government of Korea, through this funding mechanism, is a very welcome partner in all of these initiatives", said Katherine Sierra.

Over the next three years, the trust fund will support demand-driven country, regional and global level activities which promote improved access to ICTs, encourage the mainstreaming of ICTs in critical sectors such as health and education, and foster ICT-enabled innovation and entrepreneurship in developing countries. The trust fund will finance technical assistance, advisory services, capacity building activities, knowledge creation and pilot projects across all regions of the world.

The  Fund will be managed and administered by infoDev and projects will be chosen following a competitive selection process by a selection committee comprised of representatives from infoDev, GICT and other World Bank units.

"This is an important milestone for infoDev, the World Bank, the Republic of Korea and for the broader ICT4D donor community. Having itself experienced the transformative effects of ICT on its economy and society, Korea is keen to contribute to global dialogue on ICT as a tool for social development, economic growth and innovation and to share its very rich experience in these areas with less developed countries", mentioned Valerie D’Costa, infoDev Program Manager, welcoming the initiative.