Greening the Post-COVID Recovery
Introduction
The Korea Green Growth Trust Fund (KGGTF), a partnership between the World Bank and the Republic of Korea, is crucial to the World Bank’s vision of creating "a World Free of Poverty on a Livable Planet." Since its inception in 2012, KGGTF has been a technology-driven and implementation-focused trust fund, supporting partner countries in developing innovative and sustainable solutions, strategies, and investments geared towards Green, Resilient, and Inclusive Development (GRID). The KGGTF portfolio has supported 237 green growth programs and activities worldwide, amounting to approximately $129 million and linked to over $24 billion in World Bank Group lending and external co-financing.
A Visionary and Distinctive Green Growth Partnership
KGGTF, formed in 2011, is the only World Bank Trust Fund devoted to GREEN GROWTH
Funds 7 Key Growth Sectors – Sector Neutral
Unique at the World Bank and appreciated by Global Practices and Management
10 Years of Green Growth Project Experience and Lessons Learned
In-depth knowledge of green growth – Consistency as green growth issues ebb and recede
Massive Leverage on Lending: $173 of World Bank Group Lending for Every $1
KGGTF has leveraged over $17 billion in WBG co-financing and lending
Dissemination of Korean Technology and Know-how
Sharing of Korean green growth experience and technology and partnership building
Green Growth for Green, Resilient, and Inclusive Development (GRID)
World Bank Group President David Malpass
at The London School of Economics and Political Science on March 29, 2021
Since its inception in 2013, KGGTF has supported 180 green growth programs totaling $98 million which has leveraged over $17 billion in World Bank Group lending and co-financing. ($173 of WBG lending for every $1 of KGGTF funding)
80% of grants support technology innovation
- Promoting transformative and multi-sectoral projects
- Fostering innovative technologies
- Piloting and upscaling innovative approaches
- Learning from the Republic of Korea
Why Korea
The Republic of Korea is a highly relevant and inspiring example for countries looking to grow their economies in an environmentally conscious and sustainable way. Having achieved an extraordinary transformation from resource-poor, lowincome nation into a global leader in technological innovations that provide a high standard of living for citizens, the Republic of Korea is the only country to have transitioned from a recipient of World Bank aid to a donor nation within one generation. Through its successful experience it has gained a unique understanding of the challenges faced by developing countries.
Close Alignment of WBG Goals for GRID and Korean Green New Deal
KGGTF is the BRIDGE between the World Bank’s efforts for Green, Resilient, and Inclusive Development (GRID) and Korean Green New Deal
Green Growth Priorities and Strategies
KGGTF is unique within the World Bank and highly valued for its multi-sectoral approach. Korea’s skillful response to COVID-19 and green new deal and digital new deal initiatives have brought global attention for its remarkable agility in handling the complex health and economic crisis. The dynamic, technologydriven model deployed exemplifies the green growth approach: multiple sectors collaborating, the government and private sector working in tandem, and the active integration of technology and data, resulting in faster, more efficient and streamlined solutions for Green, Resilient, and Inclusive Development (GRID).
Priorities
Multi-Sectoral Strategies for GRID:
Green, Resilient, and Inclusive Development
Stronger Lending Support and Co- Financing
Collaboration with Green Climate Fund (GCF), Korea’s Green ODA, and Green & Digital EDCF
Hybrid Operations and Knowledge Exchange
Virtual/F2F Events: Korea Green Innovation Days (KGID) for the audience in Korea and 7 Regions
Partnerships and Business Opportunities
Cooperation with the World Bank grant teams and K-Partners
Strategies
Apply Green Growth approaches
Support developing countries to rebuild their economies in the Post-COVID era
Strengthen the capacity of future pandemic preparedness
Demonstrate a direct linkage of Korea’s Green New Deal and Digital New Deal with post-COVID responses
From the Donor
“Over the past year, we have seen profound changes as the world fought against COVID-19. As the pandemic brought tremendous health and economic hardship to many, the citizens of Korea continued to work together to keep each other safe and healthy. Amid such difficulties, the Korean government adopted 277 trillion won of fiscal support measures and strengthened preparations for a post-COVID era.”
— Ministry of Economy and Finance (MOEF), Republic of Korea
From the WBG Management
“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.”
— Richard Damania, Chief Economist, Sustainable Development Practice Group, The World Bank
Team Profile

Richard Damania
Chief Economist, Sustainable Development Practice Group
Richard Damania is the Chief Economist of the Sustainable Development Practice Group, effective March 1, 2020. He specializes in environment, water and the economy and has helped the World Bank become an acknowledged thought-leader on matters relating to sustainable development and policy advisory.

Hyoung Gun Wang
Program Manager of KGGTF and Senior Economist
Hyoung Gun Wang is the Program Manager and Task Team Leader in managing lending operations and co-financing. He monitors and evaluates grant activities, promotes green growth experience and lessons learned in 7 key sectors, and supports partnerships between the Republic of Korea and the World Bank.

Jaehyoung Park
Senior Economist
Dr. Jaehyoung Park joined KGGTF in February 2025. Prior to his appointment, he served as Senior Director of the various national budget divisions at the Ministry of Economy and Finance (MOEF) of the Republic of Korea, where he developed national fiscal policies and managed key budget allocations. In the Budget Office, he oversaw budgets for welfare, infrastructure, and green growth initiatives. His interests are in social investment policies that include active labour market policies (ALMPs) and work-family policies (WFPs).

Inhye Bak
Operations Analyst
Inhye Bak is an Operations Analyst based in Korea. With expertise in climate technology and green growth, she coordinates and facilitates Korea-based joint activities and partnerships and supports KGGTF operational needs.

Jeongjin Oh
Program Officer
Jeongjin Oh manages the Trust Fund portfolio and supports the team in monitoring grant activities, promoting technology-driven green growth, and strengthening partnerships. Her particular interest is introducing innovative green growth strategies across sectors by leveraging technologies, piloting and scaling proven approaches, and transferring knowledge.

Anh Bui
Consultant
Anh Bui is an Operations Consultant. She supports KGGTF with portfolio management and trust fund administration, partnership engagement as well as monitoring and evaluation activities.

Faye Gardiner
Consultant
Faye Gardiner is a Strategy Consultant. Uniquely adept at developing and implementing strategies for reaching and engaging customers and stakeholder groups, she focuses on strategic initiatives including monitoring and evaluation of the trust fund’s performance and impact.

Kitty Halpern
Consultant
Kitty Halpern is a Strategic Initiatives Consultant who excels at driving transformative change through the effective communication of best practices and key insights. She helps client countries, World Bank teams, and sovereign wealth funds discover and implement strategies to reach their sustainable development goals.

Yoon Ju Heo
Consultant
Yoon Ju Heo is a Senior Operations Consultant based in Korea. She assists in managing the Trust Fund’s Korea operations. She is responsible for managing technical engagements with Korean counterparts and overseeing physical and virtual knowledge exchanges with Korea.

Kyoungshin Kim
Consultant
Kyoungshin Kim is a senior legal consultant based in Washington, DC. She develops and supports strategies to expand KGGTF’s private partnerships and facilitates private sector engagement in fund activities. Additionally, she works to enhance the legitimacy of the trust fund to ensure its sustainable growth and collaborates with private stakeholders to develop innovative program model."

Chae-Ryun Lee
Consultant
Chae-Ryun Lee is a Korea-based consultant. She assists KGGTF's operations in Korea, including KGID, Knowledge Exchange programs, and the Youth Internship Program. She has experience in urban regeneration and governance in PPP.

Takayo Muroga Fredericks
Takayo Muroga Fredericks is a senior graphic designer responsible for leading the visual system of KGGTF from the initial concept through to the final delivery. She designs artwork and layouts for official KGGTF collaterals, infographics, and events, with a focus on multi-channel delivery formats.

Jiyon Shin
Consultant
Jiyon Shin, an Operations Consultant, specializes in sustainable and inclusive urban planning. She has lectured on this subject at several universities and previously served as a Senior Researcher at the Seoul Metropolitan Government Urban Planning Bureau. Currently, she oversees the Youth Internship Program at KGGTF and facilitates technical engagements with Korean counterparts and in-bound knowledge exchanges to Korea.

Jie-Ae Sohn
Consultant
Jie-Ae Sohn is a Senior Communications and Media Consultant based in Korea. She helps the world and others at the World Bank better understand what the Fund does through its activities around the globe.

Katarlah Taylor
Consultant
Katarlah Taylor is a Strategic Communications Consultant. She designs and implements effective communication strategies to promote KGGTF grants, executes knowledge events, and develops communications and knowledge products.

Joonyeol Yoon
Consultant
Joonyeol Yoon is an Operations Consultant specializing in climate finance and private sector engagement. He supports KGGTF activities and promotes strategic partnerships with key Korean stakeholders. His efforts foster collaboration and advance the objectives of the KGGTF, ensuring impactful and sustainable outcomes.