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S. Korea to expand participation in green growth fund

All News 10:00 April 10, 2017

SEJONG, April 10 (Yonhap) -- South Korea will expand participation in a trust fund to share its sustainable growth models with developing countries, the finance ministry said Monday.

Seoul created the Korea Green Growth Trust Fund in 2011 in partnership with the World Bank to help client countries embrace green development. It finances and facilitates the sharing of Green Growth technical expertise by utilizing South Korea's experiences, expertise and investments.

At the fourth annual Korea Green Innovations Days held in the Tanzanian capital city of Dar es Salaam last week, Vice Finance Minister Song Eon-seog said he will come up with a detailed financing plan and ways to attract South Korean companies to bid for the projects sponsored by the Green Growth Fund, according to the Ministry of Strategy and Finance.

The state-run Korean Economic Development Cooperation Fund (EDCF) will play a role in raising the money for the projects, he added.

The World Bank will also develop more programs on sharing green growth experiences.

South Korea is the only country in the world to have become a donor country after being a recipient of U.N. aid in half a century. This transformation has inspired many developing nations to follow in the country's footsteps to advance their respective economies.


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