ID :
208803
Thu, 09/22/2011 - 10:12
Auther :
Shortlink :
https://oananews.org//node/208803
The shortlink copeid
S. Korea, World Bank to launch green growth fund for developing countries
(ATTN: ADDS info on another deal signed with WB in last 2 paras)
SEOUL (Yonhap) - South Korea and the World Bank agreed to intensify their cooperation in helping developing countries pursue green growth, the finance ministry here said Thursday.
Under a memorandum of understanding (MOU) signed in Washington, Seoul will launch the Korea Green Growth Partnership Trust Fund and commit US$40 million to the fund over the next four years, the ministry said.
The deal was inked between World Bank President Robert Zoellic and Finance Minister Bahk Jae-wan, who will stay in Washington to attend the annual meetings of the International Monetary Fund and the World Bank.
The fund will be tapped to provide support for developing countries in their research and investment in such fields as transportation, energy and water resource development, the ministry said.
With the deal, South Korea became the first to partner with the World Bank for its green growth initiative, the ministry said.
South Korea has been ramping up its pursuit of green growth under the Lee Myung-bak administration. It calls for decreasing the nation's dependence on fossil fuels and promoting the development of alternative energy sources, such as solar and wind power, and other technologies to enhance energy efficiency.
Separate from the green fund deal, Finance Minister Bahk signed an MOU with the World Bank to provide joint consulting for developing countries to foster economic and social advances.
The project is an extension of the "Korea Sharing Program," which is part of Seoul's efforts to help developing countries grow economically and to fulfill its obligations as a member of the Organization for Economic Cooperation and Development.
SEOUL (Yonhap) - South Korea and the World Bank agreed to intensify their cooperation in helping developing countries pursue green growth, the finance ministry here said Thursday.
Under a memorandum of understanding (MOU) signed in Washington, Seoul will launch the Korea Green Growth Partnership Trust Fund and commit US$40 million to the fund over the next four years, the ministry said.
The deal was inked between World Bank President Robert Zoellic and Finance Minister Bahk Jae-wan, who will stay in Washington to attend the annual meetings of the International Monetary Fund and the World Bank.
The fund will be tapped to provide support for developing countries in their research and investment in such fields as transportation, energy and water resource development, the ministry said.
With the deal, South Korea became the first to partner with the World Bank for its green growth initiative, the ministry said.
South Korea has been ramping up its pursuit of green growth under the Lee Myung-bak administration. It calls for decreasing the nation's dependence on fossil fuels and promoting the development of alternative energy sources, such as solar and wind power, and other technologies to enhance energy efficiency.
Separate from the green fund deal, Finance Minister Bahk signed an MOU with the World Bank to provide joint consulting for developing countries to foster economic and social advances.
The project is an extension of the "Korea Sharing Program," which is part of Seoul's efforts to help developing countries grow economically and to fulfill its obligations as a member of the Organization for Economic Cooperation and Development.
