World Bank opens country office in Malaysia

The World Bank Group opened its office in Malaysia on Monday which will also serve as a global knowledge and research hub.

World Bank said its new office will facilitate its partnership with Malaysia, in areas such as financial intermediation and inclusion, and to support the bank's twin goals of ending extreme poverty and boosting shared prosperity.

World Bank chief economist Kaushik Basu expected the new office would help Malaysia share its experience in transforming itself from a poor, commodity-exporting nation to a modern, diversified economy.

"I hope our new office will help Malaysia take up a leadership role by becoming a hub for new ideas for Malaysia and also for the world," he said.

As an operational hub, the new office facilitates the sharing of Malaysia's development experiences with countries around the world, and provides Malaysia with access to global knowledge and expertise as it transitions into an advanced, high-income economy, said World Bank.