Korea to Contribute 6 Billion Won Annually to Trust Fund... Supporting Green New Deal for Developing Countries

[Asia Economy Sejong=Reporter Kim Hyewon] The Ministry of Economy and Finance and the Global Green Growth Institute (GGGI) announced on the 17th that they signed the 'GGGI Korea Green New Deal Trust Fund Establishment Agreement' at the Government Sejong Complex.

According to this agreement, the Korean government will contribute 6 billion KRW annually to the trust fund for five years from this year until 2026. The plan is to support overseas project development linked to the Korean Green New Deal, as well as policy and regulatory formulation and capacity building in developing countries.

Korea has been a founding country and the host of GGGI headquarters, cooperating with GGGI to support climate change response and green transition in developing countries.

Kim Kyunghee, Director of the Development Finance Bureau at the Ministry of Economy and Finance, said, "As we actively promote the transition to a green economy through the Korean New Deal and the 2030 NDC enhancement, the Korea Green New Deal Trust Fund will serve as an important channel to share Korea's expertise and experience with developing countries. We hope that Korean companies and institutions with excellent green technologies will expand their entry into climate projects in developing countries."

GGGI was established in June 2010 to support low-carbon green growth strategies in developing countries and was recognized as an international organization in June 2012. A total of 43 member countries participate.

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