The Ministry of Economy and Finance and the Global Green Growth Institue signed the "GGGI Korean Green New Deal Trust Fund (KGNDTF) Establishment Agreement" at the Government Complex Sejong at 15:30 on March 17. Under the signing of the agreement, the Korean government plans to contribute 6 billion won annually to the trust fund for five years from 2022 to 2026 to support overseas business development, policy and regulation establishment and competency development in developing countries.
As the founding leader and headquarter country of GGGI, Korea has been closely cooperating with GGGI to support green transformation in developing countries. In May 2021, the Ministry of Economy and Finance signed an MOU for green growth cooperation with GGGI and announced plans to establish a new GGGI Green New Deal Trust Fund in a presidential opening speech at the "P4G Seoul Green Future Summit." Based on the above, the government will sign an agreement to launch the GGGI Korea Green New Deal Trust Fund by specifying cooperation through discussions with GGGI.
Kyung-hee Kim, a director of the Development and Finance Bureau of the Ministry of Strategy and Finance, said, "Korea is actively pursuing green economic transformation such as the Korean New Deal and 2030 NDC.Shin Kyung-nam, Assistant Seceretary- General of GGGI, said, "The Korea Green New Deal Trust Fund is the first trust fund established in GGGI, and we will use GGGI's expertise and global network to support business development considering demand from developing countries." The government will continue to strengthen cooperation with international organizations such as GGGI to help developing countries cope with the climate crisis and lead the international community's discussions on climate change.