By: Iseo Choi, KGGTF 2025 Youth Intern
On January 17, 2025, at the Gwanghwamun HJ Business Center, Mr. Jaeyoung Jin, Head of MIGA Korea, delivered a keynote presentation during the Korea Green Growth Trust Fund’s (KGGTF) second Youth Internship Program WB lecture day. Mr. Jin shared critical insights on MIGA and its role within the World Bank Group (WBG), highlighting key activities and contributions to global development and private investment.
MIGA, the Multilateral Investment Guarantee Agency, is a key institution within the World Bank Group. MIGA’s primary clients are governments, and its core responsibilities include financial and technical support through the World Bank. The World Bank Group’s private sector arms include IFC (International Finance Corporation) and MIGA, which are pivotal in promoting private-sector investments. MIGA focuses on reducing extreme poverty and promoting shared prosperity through strategic international development initiatives.
In his address, Mr. Jin explained how MIGA supports economic development in developing countries by facilitating private investment funding. During economic downturns, MIGA provides guarantees, helping manage investment risks and ensuring the stability of foreign reserves. MIGA has partnered with Korean companies such as Doosan Engineering and Hanwha Asset Management to support their initiatives in developing countries. Additionally, MIGA assists private companies in managing investment risks in line with the economic conditions of developing countries and conducts feasibility assessments for financial institutions.
MIGA’s impactful support initiatives were also a focus of Mr. Jin’s presentation. For instance, MIGA has invested in projects such as Kyrgyzstan’s smart farming initiative, mitigating risks associated with developing-country economies. This investment boosted the prices of agricultural goods, ensuring domestic economic benefits. Another example includes Hanhwa Asset Management’s solar energy initiative in Egypt, which exemplifies MIGA’s role in managing risks tied to government commitments. By mitigating risks and conducting thorough feasibility studies, MIGA continues to foster sustainable economic development.
Mr. Jin also shared notable examples of international cooperation and private investment. Collaborations with private investors have led to significant developments, such as hydropower plant projects. Korean investors, including KEPCO and Hyundai Engineering, contributed to projects like the Solomon Islands hydropower initiative. This initiative is expected to supply 30% of the Solomon Islands’ electricity needs, showcasing successful private-public partnerships. Such collaborations help developing-country governments overcome limited experience with private investments, while private investors benefit from risk management.
MIGA provides guarantees that facilitate private investment by mitigating risks. All agreements undergo internal reviews in Washington, D.C., before contracts are finalized. Marketing efforts by private investors target both governments and corporate stakeholders to secure approvals and proceed with projects. Banks provide loans based on the credit ratings of developing-country governments, ensuring financial support for projects. Private investors assess project risks, providing funding only when viability is ensured. Development impact considerations drive MIGA’s investments, exemplified by Rio Tinto’s $14 billion support for a Mongolian project.
The World Bank actively participates in projects targeting low-income and fragile states. Developing countries often rely on World Bank support to overcome systemic challenges, including legal reforms and attracting private investments. Collaboration with institutions like KOTRA and Korea Eximbank enhances the impact of development initiatives. The Solomon Islands’ Tina River project serves as a case study for balancing financial and political pressures to reduce project costs. This hydropower initiative in the Solomon Islands aims to address electricity affordability while navigating political challenges. The project underscores the importance of reducing costs to ease financial burdens on governments and citizens alike.
Mr. Jin also discussed career pathways in international organizations and shared insights from his own journey. His passion for international organizations began during his university years, aligned with his long-term career goals. After completing advanced studies and gaining professional experience, Mr. Jin joined the World Bank Group, leveraging expertise from institutions like Korea Eximbank. His summer internship at the World Bank provided invaluable insights despite initial challenges. The experience highlighted the competitive nature of internships and the rigorous application process, shaping his professional journey. Working at the World Bank enabled Mr. Jin to engage in impactful projects while honing his skills and expertise. The organization’s resources and opportunities reinforced his commitment to pursuing a meaningful career in international development.
Mr. Jin emphasized aligning professional expertise with international policy goals to achieve impactful outcomes. Guidance from senior economists and strategic career moves facilitated his entry into the World Bank Group. His early career involved substantial contributions to energy projects, eventually leading to broader involvement across sectors. His accomplishments within MIGA highlighted the importance of leveraging expertise to achieve sustainable development outcomes.
To aspiring professionals, Mr. Jin advised strategic career development, resilience, and adaptability. Pursuing long-term projects within the World Bank Group requires these qualities. He stressed the importance of continuous learning and embracing challenges to build a fulfilling career. Advanced degrees from U.S. institutions significantly enhance opportunities within international organizations. Mr. Jin’s academic and professional trajectory underscores the importance of strategic educational and career planning. He mentioned, “Thorough preparation is key when seeking career advice or mentorship.” He added, "Since both parties take time out of their busy schedules for advice, it is courteous to be thoroughly prepared when seeking counsel. Whether someone is well-prepared or not can be discerned from the quality of their questions." Mr. Jin encouraged proactive efforts to maximize learning opportunities and cultivate meaningful professional relationships.
Mr. Jaeyoung Jin’s presentation highlighted MIGA’s transformative role within the World Bank Group and emphasized the importance of international cooperation and private investment in fostering sustainable development. His insights provided interns with a deeper understanding of global development challenges and career pathways in international organizations.
All photos courtesy of Nayim Lee and Chae-Ryun Lee.