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S. Korea, World Bank to launch green growth fund for developing countries
제목 없음 South Korea and the World Bank will launch a fund aimed at providing support for developing countries to push for their "green" growth projects, Seoul's finance ministry said Thursday.

   Under a deal to be signed in Washington on Wednesday, Seoul will entrust US$40 million to the so-called "green growth fund" over the next four years to help countries with such projects as development of water resources, urbanization and renovation of transportation systems, the ministry said.

   The World Bank, meanwhile, will help find projects in need of financial support from the fund, it added.

   This would mark the first fund in the World Bank exclusively for the green growth sector and intended to promote both environmental protection and economic growth, the ministry said. The fund will be launched at the request of the lender, it added.

   South Korea has been ramping up its green growth drive under the Lee Myung-bak administration. It calls for decreasing the nation's dependence on fossil fuels and promoting the development of substitute energy sources, such as solar and wind power, and other technologies enhancing energy efficiency.

   The ministry noted that Seoul will also plan to provide consulting and other expertise that the nation has accumulated in the green growth sector to those developing countries.

Source: Yonhap News (Sept. 15, 2011)

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