U.N. Green Climate Fund OKs US$267 mln for 10 projects

SEJONG, July 9 (Yonhap) -- The U.N. Green Climate Fund has approved US$267 million in funding for 10 new projects in developing countries to help them deal with climate change, South Korea's finance ministry said Tuesday.

The projects include a water supply project worth $25 million in the Republic of the Marshall Islands, according to the Ministry of Economy and Finance.

An institute affiliated with South Korea's Ministry of Environment is set to carry out a feasibility study on the water supply project, a move that could help South Korean companies win the project.

The funding approval was made at the 23rd meeting of the South Korea-based Green Climate Fund board, which ended on Monday.

The 10 new project approvals bring the Green Climate Fund's portfolio to a total of 111 projects and programs, committing around $5.2 billion of the fund's resources to climate action in about 100 developing countries.

Launched in late 2010, the Green Climate Fund aims to channel money from industrialized nations to developing countries to help them tackle climate change-related problems.

entropy@yna.co.kr
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