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Sejong , Oct. 11 ( Yonhap ) - The World Bank (WB ) will establish its office in South Korea later this year , as both parties urged to increase their cooperation in the exchange of expertise and other support to countries developing said Friday the Ministry of Strategy and Finance .

The agreement was reached during a meeting in Washington between President of the World Bank, Jim Yong Kim , and the Minister of Strategy and Finance , Oh Hyun - seok , who is visiting Washington to attend annual meetings of the International Monetary Fund and the BM .

It is expected that the central office will be located in Songdo , west of Seoul , is officially opened in December as the South Korean government said it is seeking parliamentary ratification of the agreement by that date .

A liaison office will also open in Seoul under such agreement, the ministry added .

The move came after the two sides to agree provisionally open regional offices in South Korea , last year , when the then Minister of Strategy and Finance Bahk Jae -wan , met with the president of the World Bank in Seoul. The aforementioned office locations were not determined at that time .

Offices are expected to help South Korea to expand cooperation with the World Bank in the implementation of various development programs and create a " strategic " between the two sides , according to the ministry .