EXHIBIT F

                               [SAMIL LETTERHEAD]

To the Board of Directors
The Korea Development Bank

                       CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the use in the Prospectus, constituting a part of the
Registration Statement or amendment thereto to be filed with the United States
Securities and Exchange Commission under Schedule B of the United States
Securities Act of 1933, as amended, of our report dated January 27, 2004 as set
forth under the heading "Financial Statements and the Auditors". We also consent
to the reference to us under the heading "Expert" in such Registration Statement
or amendment.

/s/ Samil PricewaterhouseCoopers
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Samil PricewaterhouseCoopers

Seoul, Korea
September 24, 2004