South Korea will expand its contribution to a World Bank body that provides long-term, low-interest concessional loans and grants to low-income countries.

According to the finance ministry, Seoul will increase its contribution by 45 percent to 845-point-six billion won, or around 608 million U.S. dollars, at next month’s meeting of the International Development Association in Seoul.

The amount, which represents a 45-percent increase from 2021 levels, was announced earlier by President Yoon Suk Yeol at the Group of 20 summit in Brazil.

The ministry said the increase demonstrates South Korea’s leadership as a global pivotal state and sets an example for other countries.

South Korea also expects to see a rise in its share of the International Bank for Reconstruction and Development.