“It is a great honor for the World Bank Group to strengthen its partnership with the Republic of Korea, and on behalf of the World Bank, I would like to extend my sincere gratitude to the Ministry of Economy and Finance (MOEF) for its recent commitment of $50 million to replenish the Korea Green Growth Trust Fund (KGGTF) through to 2024.”
Thanks to the new funds pledged by the Republic of Korea, the Trust Fund will continue to support developing countries as they shift to a green economic growth model, facilitating the sharing of knowledge, technical expertise, and real-world best practices, as well as vital funding for green growth investments and initiatives. Now, as countries come to terms with the humanitarian and economic crisis brought on by the COVID-19 pandemic, KGGTF’s mandate is more important than ever as it will assist World Bank client countries to navigate their recovery from the crisis, build preparedness for future pandemics, and crucially, to rebuild their economies better, stronger, and greener.
Building on the valuable ideas, insights, innovative technologies and green growth expertise the Republic of Korea has shared globally through KGGTF, there is growing demand from World Bank staff and client countries seeking to learn from Korea’s economic transformation, as well as from its successful strategy to contain the spread of COVID-19. KGGTF will respond to the increased demand expected in the new reality of a pandemic prone world by leveraging the first-hand experience of technical experts and policy makers in Korea to scale-up support for client countries re-building their economies.
The World Bank has been fortunate to have such a visionary partner in the Republic of Korea’s MOEF, and we look forward to continuing our work together to support the world to build back better and greener.
Richard Damania
Chief Economist
Sustainable Development Practice Group
The World Bank