S. Korea invests $9.8m in World Bank green trust fund
South Korea has decided to invest $9.8 million in green and digital projects in developing nations through the World Bank’s Korea Green Growth Trust Fund, the Ministry of Economy and Finance said on Dec. 1.
The KGGTF, launched in 2011, is a Korean government-financed trust fund that has helped more than 100 green growth programs in WB lending, according to the ministry.
The latest investment will involve 23 developing nations and projects in digital, green and health care fields. It aims to create synergy with Korea’s Green and Digital New Deal initiatives by developing the projects into into WB’s own green and digital projects. A global platform for both local public institutions and private firms participating in Green and Digital New Deal projects would be created as well, the ministry noted.
A key project tied to the Digital New Deal would be the adoption of intelligent, digital transportation system in Kazakhstan and Uzbekistan. State-run entities, including Seoul Housing & Communities Corp. and Seoul Urban Solutions Agency, will participate in the smart city project. Some $600,000 would be funneled into the project over two years to build a safe, sustainable and green transportation system in Almaty and Tashkent.
For the Green New Deal, an integration of digital and green technology would be used to help farming and agriculture in Uganda. It will be a 25-month-long project worth $535,000 focused on adoption of heat- and drought-tolerant crops and strong fertilizers to counter climate change, while fostering potential eco-friendly firms in the country.
For health care and sanitation, Indonesia would receive some $400,000 support over 27 months for overall improvement of its sewers and wastewater treatment systems. Various solutions would be offered to help the country manage its water supply and waste treatment networks.
The mentioned projects would become a part of larger WB-led projects and initiatives, the ministry said.
Through the latest support, KGGTF would have 165 projects under its wing with financial support via WB lending expanding to some $87 million.
“By actively discovering and supporting Green New Deal- and Digital New Deal-related official development assistance projects, we plan to share the nation’s economic growth strategy in the post-coronavirus era with the global society, while aiding local firms go global,” a ministry official said.
By Jung Min-kyung (firstname.lastname@example.org)