EXHIBIT M-1

                   [CLEARY, GOTTLIEB, STEEN & HAMILTON LOGO]

                               DECEMBER 30, 2003

The Korea Development Bank
16-3, Yoido-dong
Youngdeungpo-gu
Seoul, Korea

Ladies and Gentlemen:

     We have acted as special United States counsel to The Korea Development
Bank, a statutory juridical entity established in the Republic of Korea under
The Korea Development Bank Act of 1953, as amended (the "Issuer"), in connection
with the preparation and filing with the Securities and Exchange Commission (the
"Commission") under the Securities Act of 1933, as amended (the "Securities
Act"), of the Issuer's registration statement under Schedule B (the
"Registration Statement") relating to the offering from time to time, as set
forth in the Registration Statement, the form of prospectus contained therein
(the "Prospectus") and one or more supplements to the Prospectus, of the
Issuer's unsecured debt securities (the "Debt Securities"). The Registration
Statement relates to Debt Securities having an aggregate initial public offering
price or purchase price of up to approximately U.S.$3,000,000,000 or the
equivalent thereof. The Debt Securities are to be issued in one or more series
pursuant to a fiscal agency agreement dated February 15, 1991 (the "Fiscal
Agency Agreement") between the Issuer and The Bank of New York (the "Fiscal
Agent").

     We have reviewed the originals or copies certified or otherwise identified
to our satisfaction of such instruments and other documents, and we have made
such investigations of law, as we have deemed appropriate as a basis for the
opinion expressed below.

     Based on the foregoing, and subject to the further assumptions and
qualifications set forth below, it is our opinion that when the Debt Securities
of a particular series offered pursuant to the Registration Statement or
pursuant to any registration statement related thereto filed by the Issuer with
the Commission pursuant to Rule 462(b) under the Securities Act have been duly
authorized by the Issuer, duly executed and authenticated in accordance with the
Fiscal Agency Agreement and duly delivered to and paid for by the purchasers
thereof, such Debt Securities will constitute valid, binding and enforceable
obligations of the Issuer, entitled to the benefit of the Fiscal Agency
Agreement.

     The foregoing opinion is subject to the following qualifications: (i) such
opinion is subject to applicable bankruptcy, insolvency and similar laws
affecting creditors' rights generally and to general principles of equity; (ii)
such opinion is subject to the effect of judicial application of foreign laws or
foreign governmental actions affecting creditors' rights; (iii) the
enforceability in the United States of the waiver of immunities by the Issuer as
set forth in the Fiscal Agency Agreement is subject to the limitations imposed
by the Foreign Sovereign Immunities Act of 1976; and (iv) we express no opinion
as to the subject matter jurisdiction of any United States federal court to
adjudicate any action where jurisdiction based on diversity of citizenship under
28 U.S.C. sec.1332 does not exist. In addition, we have assumed that each of the
Issuer and the Fiscal Agent will have satisfied those legal requirements that
are applicable to it to the extent necessary to make the Fiscal Agency Agreement
and the Debt Securities (with respect to the Issuer) enforceable against it
(except that no such assumption is made as to the Issuer regarding matters of
the federal law of the United States of America or the law of the State of New
York) that in our experience are normally applicable in relation to the
transactions contemplated in the Fiscal Agency Agreement and Debt Securities.

     The foregoing opinion is limited to the federal law of the United States of
America and the law of the State of New York.

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     We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement, to the incorporation by reference of this opinion in any
registration statement relating thereto filed by the Issuer with the Commission
pursuant to Rule 462(b) under the Securities Act and to the references to us
under the heading "Legal Matters" in the Prospectus and any prospectus relating
to any such other registration statement, without thereby admitting that we are
"experts" under the Securities Act or the rules and regulations of the
Commission thereunder for purposes of any part of the Registration Statement or
any such other registration statement, including the exhibit as which this
opinion is filed.

                                          Very truly yours,

                                          CLEARY, GOTTLIEB, STEEN & HAMILTON

                                          By /s/ JINDUK HAN
                                            ------------------------------------
                                             Jinduk Han, a Partner

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