Seoul: A South Korean has been appointed as the new director of market and counterparty risk at the World Bank Group (WBG), the finance ministry said Sunday. Min Jee-nah, the former head of credit for state-owned enterprises and reinsurance at the Multilateral Investment Guarantee Agency (MIGA), will take on the role starting next month, the ministry added.

According to Yonhap News Agency, Min Jee-nah will become the fourth South Korean national to take on a director-level position at the global financial institution. The World Bank Group is a family of five international organizations that provides low-interest rate loans, policy advice, and technical assistance to developing countries, with the goal of reducing poverty and increasing the income of such nations.